SOLUTION: A principal of $5000 was invested in a savings account for 4 years. If the interest earned for the period was $400, what was the interest rate?

SOLUTION: A principal of $5000 was invested in a savings account for 4 years. If the interest earned for the period was $400, what was the interest rate?

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Question 63457: A principal of $5000 was invested in a savings account for 4 years. If the interest earned for the period was $400, what was the interest rate?
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
I=PRT
400=5000*R*4
400=20000R
R=400/20000
R=.02 OR 2% INTEREST RATE.
PROOF
400=5000*.02*4
400=400
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