5.000 TL invested for 6 years with compounded interest brings 3100 TL more than investing with simple interest. Find the interest rate. (Explain how to solve it)

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 9EB: If you invest $15,000 today, how much will you have in (for further instructions on future value in...
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D6 Finance 5.000 TL invested for 6 years with compounded interest brings 3100 TL more than investing with simple interest. Find the interest rate. (Explain how to solve it)
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