SOLUTION: What is the simple interest rate on a $1300 investment paying $229.71 interest in 5.7 years? Round to the nearest tenth of a percent

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Question 1176029: What is the simple interest rate on a $1300 investment paying $229.71 interest in 5.7 years?
Round to the nearest tenth of a percent
Found 3 solutions by ewatrrr, ikleyn, greenestamps:
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!

Hi
In General 
0r
    
 = .029%

Wish You the Best in your Studies.


Answer by ikleyn(52781)   (Show Source): You can put this solution on YOUR website!
.
What is the simple interest rate on a $1300 investment paying $229.71 interest in 5.7 years?
Round to the nearest tenth of a percent
~~~~~~~~~~~~~~~


This solution by @ewatrr is   ABSURDIST   and   INCORRECT.


She produces the compound interest solution,  while the problem asks about the  SIMPLE  interest.


Ignore her post,  for your safety.


------------


This woman regularly brings  2 - 3 - 4 wrong solutions.

            E V E R Y     D A Y.


                Be aware (!)



Answer by greenestamps(13200)   (Show Source): You can put this solution on YOUR website!


Simple interest -- not compound.

The interest earned is the principal, times the (annual) interest rate, times the number of years.

I = prt

In your example the interest is $229.71, the principal is $1300, and the number of years is 5.7; the unknown is the interest rate r:





Use a calculator....
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