SOLUTION: After three months, $8200 deposited in a savings account with simple interest had grown to a total of $8364. What was the interest rate?

SOLUTION: After three months, $8200 deposited in a savings account with simple interest had grown to a total of $8364. What was the interest rate?

Algebra.Com

Question 1075398: After three months, $8200 deposited in a savings account with simple interest had grown to a total of $8364. What was the interest rate?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=prt
p=8200
r unknown
t=1/4
i=164
164=8200*1/4*r=2050r
r=164/2050=0.08 or 8%
RELATED QUESTIONS
4. Ike opened a savings account with a deposit of $4,000. Three years later, he had... (answered by rfer)

Ike opened a savings account with a deposit of $5,000. Three years later, he had earned a (answered by rfer)

Ike opened a savings account with a deposit of $5,000. Three years later, he had earned a (answered by rfer)

Suppose you have $5300 deposited in an account with interest compounded weekly. After 5... (answered by ikleyn)

Suppose you have $8000 deposited in an account with interest compounded semiannually.... (answered by ikleyn)

Suppose you have $5300 deposited in an account with interest compounded weekly. After 5... (answered by ikleyn)

need to know how to figure simple interest if principal ,time, future value is known... (answered by rfer)

amy opened a savings account with $1,250. The account pays 7.5% simple interest. What is... (answered by FrankM)

find the amount in a savings account that earns a simple interest rate of 4% after 3... (answered by stanbon)