SOLUTION: IF CASEY INVESTED $3500 IN AN ACCOUNT AND EARNED $112.50 SIMPLE INTEREST THE FIRST YEAR. wHAT WAS THE SIMPLE INTEREST RATE?

Algebra ->  Algebra  -> Percentage-and-ratio-word-problems -> SOLUTION: IF CASEY INVESTED $3500 IN AN ACCOUNT AND EARNED $112.50 SIMPLE INTEREST THE FIRST YEAR. wHAT WAS THE SIMPLE INTEREST RATE?      Log On

Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!
Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

   

Question 214055: IF CASEY INVESTED $3500 IN AN ACCOUNT AND EARNED $112.50 SIMPLE INTEREST THE FIRST YEAR. wHAT WAS THE SIMPLE INTEREST RATE?
Answer by Theo(3464) About Me  (Show Source):
You can put this solution on YOUR website!
112.50/3500 = .032142857 * 100% = 3.214285714%
-----
If you multiply $3500 * the interest rate you will get $112.50
$3500 * .032142857 = $112.50