SOLUTION: A=$875,P=$500, r=?,t=30 years

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Question 278081: A=$875,P=$500,
r=?,t=30 years
Answer by stanbon(57970) About Me  (Show Source):
You can put this solution on YOUR website!
A=$875,P=$500,
r=?,t=30 years
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Formula for simple interest:
A = Prt
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875 = 500*r*30
875 = 15000r
r = 875/15000
r = 7/12 = 0.058333.. = 5.83%
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Cheers,
Stan H.
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