SOLUTION: An investment pays simple interest, and triples in 13 years. What is the interest rate? Answer = ______

SOLUTION: An investment pays simple interest, and triples in 13 years. What is the interest rate? Answer = _______ %

Question 1198824: An investment pays simple interest, and triples in 13 years. What is the interest rate?
Answer = _______ %
Answer by ikleyn(52798) (Show Source): You can put this solution on YOUR website!
.
An investment pays simple interest, and triples in 13 years. What is the interest rate?
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    3A  = A*(1+r*13)

    3   =    1 + 13r

    13r =    2

      r =    2/13 = 0.153846154 = 15.38%   (rounded).    ANSWER

Solved (as simple as possible).

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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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