SOLUTION: A principal of $5000 was invested in a savings account for 4 years. If the interest earned for the period was $400, what was the interest rate?
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Question 81957: A principal of $5000 was invested in a savings account for 4 years. If the interest earned for the period was $400, what was the interest rate? Answer by neta(14) (Show Source):
You can put this solution on YOUR website! first we know that the formular for simply interest is I=PRT
100
so make r the subject of the formular
:> R=I1oo
PT
now sub the values
you have
R=4000
40000
=0.1%
your answer is 0.1% per annum
thats pretty small for a psavings account,lol,
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