Answer:
Rate of interest (r) = 9%
Explanation:
Given:
Amount invested (P) = $12,672.32
Future amount (A) = $30,000
Number of year (n) = 10
Find:
Rate of interest (r)
Computation:
A=P(1+r)ⁿ
30,000 = 12,672.32(1+r)¹⁰
2.3673=(1+r)¹⁰
1.090 = (1+r)
r = 0.09 or 9%
Rate of interest (r) = 9%
