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Solve for the unknown interest rate in each of the following: (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
| Present Value | Years | Interest Rate | Future Value | ||||||||
| $ | 160 | 4 | % | $ | 192 | ||||||
| 280 | 18 | 733 | |||||||||
| 31,000 | 19 | 128,034 | |||||||||
| 30,261 | 25 | 350,964 | |||||||||
♦ Relevant knowledge
The return rate on an investment is calculated by using the formula for future value. In general, the rate of interest rises by the amount of future value and decreases with the present value amount and decreases as the number of time.
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