Helen borrowed
$8,000
from her grandfather to pay for college. five years later, she paid him back the
$8,000
and an interest of
$1,200
. what was the annual interest rate?

%2.83467

Step-by-step explanation:

first you use the equation A = P(1+r)^T

Where A is the future value (in your case $9200)

P is the amount ($8000)

r is interest rate (what you are trying to figure out)

and T is the time (5 years)

so you would substitute in your numbers and solve for r

one that is bigger than 3 1/2