SOLUTION: 5. What simple interest rate will Susan need to secure to make $2,500 in interest on a $10,000 principal over 5 years?
A. 4%
B. 5%
C. 6%
D. 7%
E. 8%
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Question 340395: 5. What simple interest rate will Susan need to secure to make $2,500 in interest on a $10,000 principal over 5 years?
A. 4%
B. 5%
C. 6%
D. 7%
E. 8%
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
If she is to earn $2,500 in 5 years using simple interest, then she will need to earn $500 each year. So which interest rate gives $500 earnings on $10,000?
John
My calculator said it, I believe it, that settles it
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