SOLUTION: At what simple interest rate must your deposit of ₱35,000 be credited if you want to earn ₱6,000 worth of interest in 5 years?

SOLUTION: At what simple interest rate must your deposit of ₱35,000 be credited if you want to earn ₱6,000 worth of interest in 5 years?

Algebra.Com

Question 1175635: At what simple interest rate must your deposit of ₱35,000 be credited if
you want to earn ₱6,000 worth of interest in 5 years?
Answer by ikleyn(52851) (Show Source): You can put this solution on YOUR website!
.


    6000 = Prt


     r   =  = 0.034286 = 3.43% (rounded).      ANSWER

Solved.

RELATED QUESTIONS
At what interest rate, compounded annually, must ₱20,000 be invested in order to earn... (answered by ikleyn)

How much should you invest each month in order to have $700,000 if your rate of return is (answered by yurtman,ikleyn)

(ST - 2) Time Value of Money Assume that 4 years from now you will need $1,000. Your (answered by Solver92311)

You can purchase an investment that pays $75,000 at the beginning of each year for twenty (answered by ikleyn)

Suppose you want to have $600,000 for retirement in 35 years. Your account earns 10%.... (answered by Boreal)

A fund of ₱240,000 is to be accumulated by making monthly deposits of ₱6,000. If... (answered by Theo,MathTherapy)

If an amount of $9,000 is invested at a simple interest rate of 3 1/2% interest per (answered by ikleyn,greenestamps)

A. How much should you invest each month in order to have $800,000 if your rate of return (answered by addingup)

You take out a loan of $15,000 to purchase a car. If your loan is for 3 years at a... (answered by Boreal,MathTherapy)