SOLUTION: Jim puts $5000 in a savings account. At the end of a year the account had earned $540 in interest. What was the yearly interest rate on the account?

Question 159262: Jim puts $5000 in a savings account. At the end of a year the account had earned $540 in interest. What was the yearly interest rate on the account?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
Jim puts $5000 in a savings account. At the end of a year the account had earned $540 in interest. What was the yearly interest rate on the account?
.
Let x = interest rate
then
5000x = 540
x = 540/5000
x = 0.108
.
Or, 10.8% interest

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