Answer:
Intrest rate is 3645%
20(36.45%) = $4374
Step-by-step explanation:
Semi-annualy = 6 months
Start: $9,000
After 10-years (120 months): $13,373.53
Since it's gaining money every 6 months, it gains money over 20 months.
(120/6 = 20)
After removing the starting cost, it gains $4,373.53 over 20 months.
(13,373.53 - 9,000 = 4,373.53)
$4,373.53 spread out over 20 months equals around $218.68 every 6 months.
(4,373.53 ÷ 20 = 218.6765)
(218.6765 ≈ 218.68)
$218.68 over 6 months equals about $36.45 every month
(218.68 ÷ 6 = 36.44666)
(36.4666 ≈ 36.45)
The intrest rate is 3645%
(3645% ÷ 100% = 36.45)
