SOLUTION: At what rate was P2160 invested if it earned P35.00 for 115 days?

Question 1189713: At what rate was P2160 invested if it earned P35.00 for 115 days?
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
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At what rate was P2160 invested if it earned P35.00 for 115 days?
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Use the formula for simple interest account

    I = P*r*t.


Substitute the given data into the formula

    35.00 = .


From this equation find the only unknwn r =  = 0.051429 = 5.1429%.    ANSWER

Solved.

I assumed 365 days in an year.

You may use the number of 360 instead of 365, too, getting the rate very close to 5% = 0.05.

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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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