SOLUTION: Kevin earned $165 interest for 1 year on an investment of
$1500. At the same rate, what amount of interest would be earned by an investment of $2500?
Thank You!!!
Algebra.Com
Question 44689: Kevin earned $165 interest for 1 year on an investment of
$1500. At the same rate, what amount of interest would be earned by an investment of $2500?
Thank You!!!
Answer by tutorcecilia(2152) (Show Source): You can put this solution on YOUR website!
Use the formula for interest: I = prt
I=interest
p=principle
r=rate or percent
t=time in years (annually)
.
Plug-in the known values into the formula for interest and solve for the unknown variable:
I = prt
$165=(1500)(r)(1)
165=1500r
165/1500=4
.11=r or 11% is the rate.
.
For the second part, plug-in the known values into the formula for interest and solve for the unknown variable:
I = prt
I=(2500)(.11)(1)
I=$275
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