Asked by rosie

an investment of 3000 will pay a total of 600dllrs simple interest after 5yrs. what is its annual interest rate?

11 years ago

Answered by Ms. Sue

I = PRT

600 = 3,000 * r * 5

Solve for r

11 years ago

Answered by rosie

40 annual interest rate

11 years ago

Answered by Ms. Sue

You've misplaced the decimal point. The interest rate is 4%.

11 years ago

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