SOLUTION: if you invest $200 into a simple interest savings account for 5 years and earn $60 in interest what is the interest rate
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Question 606441: if you invest $200 into a simple interest savings account for 5 years and earn $60 in interest what is the interest rate
Answer by Cintchr(481) (Show Source): You can put this solution on YOUR website!
Start with the simple interest formula
Substitute the values into the formula.
Multiply on the right side.
divide both sides by 1000
reduce
Change the fraction to a percent
6% = r
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