SOLUTION: Please help with the following. An amount of R1200 accumulates to R2600 after 3years find the interest rate, if the investment earned simple interest.

Question 1185721: Please help with the following.
An amount of R1200 accumulates to R2600 after 3years find the interest rate, if the investment earned simple interest.
Answer by ikleyn(52915) (Show Source): You can put this solution on YOUR website!
.


    Future value = P + P*r*t


P is the principal amount (deposit);

r is the annual percentage rate;

t is the time in years.


    2600 = 1200 + 1200*r*3

    2600 - 1200 = 1200*r*3

       1400     = 3600*r

         r      =  = 0.389 = 38.9%.    ANSWER

Solved.

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To see many other similar (and different) solved problems on simple interest accounts, look into the lesson
- Simple interest percentage problems
in this site.

Learn the subject from there.

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