SOLUTION: The amount of simple interest earned on a savings account varies jointly with time, t(in years), and the principal, p(in dollars). After 5 years, interest on $800 in this savings a

SOLUTION: The amount of simple interest earned on a savings account varies jointly with time, t(in years), and the principal, p(in dollars). After 5 years, interest on $800 in this savings a

Algebra.Com

Question 255530: The amount of simple interest earned on a savings account varies jointly with time, t(in years), and the principal, p(in dollars). After 5 years, interest on $800 in this savings account is $260.00. What is the annual interest rate(constant of variation)?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
r=I/Pt
r=260/(800*5)
r=260/4000
r=.065=6.5%
RELATED QUESTIONS
for a given interest rate, simple interest varies jointly as the principal and time. If... (answered by robertb)

solving applications involving variation simple interest. The simple interest I on an... (answered by scott8148)

answer my algebra 1 questions 1. simple interest that you may earn on money in a savings... (answered by macston)

The amount of simple intrest earned in an account varies jointly as the amount of... (answered by rfer)

Interest Formulas If you invest $P, and you earn interest only on the amount you... (answered by mananth,Theo)

The simple interest (Is)in a savings account varies jointly as the Principal (P) and the... (answered by nerdybill)

Hi guys, I would be grateful if anyone could take the time to help me understand and... (answered by ikleyn,MathTherapy)

For a car loan using simple interest at a given rate, the amount of interest charged... (answered by stanbon)

The simple interest I varies jointly with the principal p, and time t. If the simple... (answered by mananth)