The interest rate earned on a $2,800 deposit when $3,400 is paid back in one year is 21.43%
An interest in a savings account, literally, the bank pays you to keep your deposited money there. Savings accounts are compounded, which means that the interest we earn in one period is deposited into your account, and then in the next period, you earn interest on that interest. loan. Earned interest is like a bonus that a bank pays you just for keeping the money in the account, like savings.
A = P (1+r)^t
A= $ 3,400
P = $ 2,800
R = ??
t = 1 year
3,400 = 2,800 (1+r)^1
1.214285 = (1 + r)
0.2143 = r
R = 21.43%
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