same as before, if simple interest
I = Prt
so plug in your numbers.
Bayo received $1500 as interest from the $8,800 he invested with PNC Bank. If the money was invested for 4 years, at what was the interest rate?
3 answers
I am confused what do you mean by Prt
Read the data they gave you.
P is the principal
r is the interest rate
t is the number of years
I is the interest. So, you now have
1500 = 8800*r*4
r = 1500/(8800*4) = 0.0426 or about 4.26%
Looks like you need to review the topic of simple interest.
P is the principal
r is the interest rate
t is the number of years
I is the interest. So, you now have
1500 = 8800*r*4
r = 1500/(8800*4) = 0.0426 or about 4.26%
Looks like you need to review the topic of simple interest.
1 answer