SOLUTION: if you have 1200 dollars in a bank and after 3 years you receive 180 dollars from interest what is the interest rate

SOLUTION: if you have 1200 dollars in a bank and after 3 years you receive 180 dollars from interest what is the interest rate

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Question 421269: if you have 1200 dollars in a bank and after 3 years you receive 180 dollars from interest what is the interest rate
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
180=1200*r*3
180/3600=r
r=0.05=5%
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