SOLUTION: he put 1050 in a savings account and it earned 241.50 in simple interest after 4 years. What is the intest rate?
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Question 590455: he put 1050 in a savings account and it earned 241.50 in simple interest after 4 years. What is the intest rate?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
241.50=1050*4r
241.50/4200=r
r=0.0575=5.75%
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