Asked by joseph

if I invest $5000.00 in an account earning simple interest After 6 years the balance is $6,200. What is the interest rate

Answers

Answered by Ms. Sue
I = Prt

1200 = 5000 * R + 6

1200 = 30,000R

1200 / 30,000 = R

0.04 = 4% = R

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