SOLUTION: Patrick invested %5200 for 21 years. At the investment's maturity, it's value was $13280.80 What was the annual simple interest rate? A) 155.4% B) 7.4% C) 8.2% D) 2.6%

SOLUTION: Patrick invested %5200 for 21 years. At the investment's maturity, it's value was $13280.80 What was the annual simple interest rate? A) 155.4% B) 7.4% C) 8.2% D) 2.6%

Algebra.Com

Question 1102511: Patrick invested %5200 for 21 years. At the investment's maturity, it's value was $13280.80 What was the annual simple interest rate?
A) 155.4% B) 7.4% C) 8.2% D) 2.6%
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
13280.8-5200=8080.80
8080.80/5200=1.554
1.554/21=.074, or 7.4% annual interest
☺☺☺☺
RELATED QUESTIONS
An investment of $37,000 was deposited in the bank. Interest was computed on a... (answered by mananth)

I've invested $800 for 7 years at 6% simple interest. A) How much interest was earned? (answered by Theo)

The future value of a simple interest investment is given by S=P(1+rt). What principal P... (answered by tommyt3rd)

My investment of $12,500 was deposited in a local bank. The bank offered 5 3/4%... (answered by solver91311)

an investment advisor invested 12000 into two accounts. one investment earned 7 % annual... (answered by checkley77)

rosa invested $600 at 3.9% simple interest. At the investment's maturity, its value was... (answered by god2012)

an invested 12000 i two accounts. one investment earned 7 % annual simple interest and... (answered by rfer)

Orlando invested $16,000 in an eight-year CD bearing 6.5% simple annual interest, but... (answered by Theo)

In investing $5,650 of a couple's money, a financial planner put some of it into a... (answered by CPhill)