Answer: 9 %
Step-by-step explanation:
A loan of £8100 gains interest of £2187 in 3 years
The formula is
Where: r = (1/t)(A/P - 1)
Solving our equation:
r = (1/3)((10287/8100) - 1) = 0.09
r = 0.09
Converting r decimal to R a percentage
R = 0.09 * 100 = 9%/year
