What was the rate of interest earned on an investment of $1800 that is now worth $1924.62 after one year?

To calculate the rate of interest earned on your investment, you can use the formula for the rate of return:

Rate of Return (
)
=
rac{(Ending Value – Initial Value)}{Initial Value} imes 100

In this case:

Now, plug in the values:

Rate of Return = rac{(1924.62 - 1800)}{1800} 	imes 100

Calculating the difference:

1924.62 - 1800 = 124.62

Now, substitute this back into the formula:

Rate of Return = rac{124.62}{1800} 	imes 100

Calculating the division:

Rate of Return = 0.0692333 	imes 100

Finally, multiplying by 100 gives you:

Rate of Return ≈ 6.92%

So, the rate of interest earned on your investment of $1800 that is now worth $1924.62 after one year is approximately 6.92%.