SOLUTION: A sum of $5000 was taken as a loan. After 1 year the money grew to $5500 by compounding annually. What was the rate of interest per annum?
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Question 1195150: A sum of $5000 was taken as a loan. After 1 year the money grew to $5500 by compounding annually. What was the rate of interest per annum?
Found 2 solutions by josgarithmetic, ikleyn:
Answer by josgarithmetic(39618) (Show Source): You can put this solution on YOUR website!
"Take out a loan and the money grew"??
difference, $500
Answer by ikleyn(52794) (Show Source): You can put this solution on YOUR website!
.
Do not write " after 1 year the money grew . . . ",
which is, actually, incorrect in this problem.
It was the , which grew with time.
Consider to hire a person, who will edit your writing after you . . .
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