SOLUTION: Determine the simple interest rate at which $980 grows to $1,000 in 6 months

Question 1139787: Determine the simple interest rate at which $980 grows to $1,000 in 6 months
Answer by Edwin McCravy(20066) (Show Source): You can put this solution on YOUR website!

If $980 grows to $1000, the interest is $1000-$980 = $20



Substitute 20 for I, and 6/12 or 1/2 a year for t









Answer 4.08997955% (round that off as your teacher told you to.

Edwin

RELATED QUESTIONS
Determine the simple interest rate at which $2400 will grow to $2500 in 8... (answered by jim_thompson5910,stanbon)

Determine the simple interest rate at which $2400 will grow to $2475 in 6 months. (Round... (answered by ewatrrr)

Susan invests R45 000 at a simple interest rate of 6% per year. Two years later, she adds (answered by )

Determine the simple interest rate at which 1350.00 will grow to 1400.00 in the 3 months. (answered by josmiceli)

Determine the simple interest rate at which 1350 will grow to 1400 in the 3 months. Round (answered by fractalier)

Larry Mitchell invested part of his $ 17 comma 000$17,000 advance at 4 %4% annual (answered by Boreal)

$8,000 is invested for 9 months at an annual simple interest rate of 13%. a) You will... (answered by greenestamps)

At what simple interest rate must your deposit of ₱35,000 be credited if you want to... (answered by ikleyn)

Suppose that P dollars in principal is invested in an account that earns compound... (answered by Theo)