SOLUTION: A man earns $112 interest in one year on an investment of $1400. What was his rate of interest?

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Question 175613: A man earns $112 interest in one year on an investment of $1400. What was his rate of interest?
Found 2 solutions by Mathtut, EMStelley:
Answer by Mathtut(3670) About Me  (Show Source):
You can put this solution on YOUR website!
let r be the rate of interest
:
1400(r)=112
:
r=112/1400
:
highlight%28r=.08%29times 100 gives us highlight%288%29%

Answer by EMStelley(208) About Me  (Show Source):
You can put this solution on YOUR website!
If you went to a bank to deposit $1000 and they told you the interest rate was 3%, how would you know how much interest you would earn at the end of the year? $1000(0.03) = $30.00. So to get that $112, the original investment of $1400 was multiplied by some rate r. So 1400r = 112. Dividing by 1400, you get that r = 0.08, or 8%.