To find the interest rate, we can use the formula for simple interest:
Simple Interest = (Principal) x (Rate) x (Time)
Given that the principal is $1000 and the time is 48 years, and the interest is $720, we can rewrite the formula as follows:
$720 = $1000 x (Rate) x 48
To solve for the interest rate, we divide both sides of the equation by $1000 x 48:
Rate = $720 / ($1000 x 48)
Rate = 0.015
Converting this decimal to a percentage:
Rate = 0.015 x 100 = 1.5%
Therefore, the interest rate is 1.5%.
If the simple interest on one thousand dollars 48 years is seven hundred twenty, then what is the interest rate?
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