SOLUTION: Business and finance. Kevin earned $165 interest for 1 year on an investment of $1500. At the same rate, what amount of interest would be earned by an investment of $2500?
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Question 29531: Business and finance. Kevin earned $165 interest for 1 year on an investment of $1500. At the same rate, what amount of interest would be earned by an investment of $2500?
Help.
Thank you.
Answer by askmemath(368) (Show Source): You can put this solution on YOUR website!
The formula for Simple Interest is given by
Where P = Principal, T= Time and R = Rate
Re-Arranging since we know SI,P and T
R = 11
Now can you Solve for the second part?
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