Answer:
Rate of interest = 3.8%
Step-by-step explanation:
Given:
Initial amount p = 20,000
Final amount p + I = 26,080
Number of year t = 8 year
Find:
Rate of interest
Computation:
I = 26,080 - 20,000
I = 6,080
I = PRT
6,080 = (20,0000)(r)(8)
Rate of interest = 3.8%
