SOLUTION: Simple Interest
For $1000 to grow to more than $1250 in 2 years, what must the simple interest rate be?
This is all I have so far and it doesn't even look right =(
I=PRT
1250=1
Algebra.Com
Question 180128: Simple Interest
For $1000 to grow to more than $1250 in 2 years, what must the simple interest rate be?
This is all I have so far and it doesn't even look right =(
I=PRT
1250=1200r(2)
Please help!
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
If $1000 grew to $1250, then ,
and $250 was earned in interest
given:
yr
The rate is 12.5 %
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