SOLUTION: At what rate must php 60,000 be invested to earn php 3,600 in 120 days.

Question 1129636: At what rate must php 60,000 be invested to earn php 3,600 in 120 days.
Found 2 solutions by Alan3354, Edwin McCravy:
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Depends on the compounding period.
Answer by Edwin McCravy(20056) (Show Source): You can put this solution on YOUR website!

Obviously you meant SIMPLE interest, not compound interest. I = P∙R∙T I = 3600 P = 60000 T = 120/360 = 1/3 R = ? 3600 = 60000∙R∙(1/3) Multiply 60000 by 1/3, get 20000 3600 = 20000∙R Divide both sides by 3600 3600/20000 = R 0.18 = R Answer 18% simple interest. Edwin

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