Answer:
Interest rate is r = 0.33
Step-by-step explanation:
Principal Amount = $3006
Final Amount = $3967.92
Time = 4 years
Interest Rate = ?
The formula used is: [tex]Final Amount = Principal \times r \times t[/tex]
Putting values and finding t
[tex]Final\: Amount = Principal \times r \times t \\3967.92=3006\times r \times (4)\\3967.92=12024\times r\\r=\frac{3967.92}{12024}\\r=0.33[/tex]
So, Interest rate is r= 0.33
