SOLUTION: he put 1050 in a savings account and it earned 241.50 in simple interest after 4 years. What is the intest rate?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: he put 1050 in a savings account and it earned 241.50 in simple interest after 4 years. What is the intest rate?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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) About Me  (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%