SOLUTION: I have this problem could someone help thank you.
A principal of $5000 was invested in a savings account for 4 years. If the interest earned for the period was $400, what was t
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Question 88589: I have this problem could someone help thank you.
A principal of $5000 was invested in a savings account for 4 years. If the interest earned for the period was $400, what was the interest rate?
Answer by dolly(163) (Show Source): You can put this solution on YOUR website!
Given Principal P = $5000
Period T = 4 yrs
Interest = $400
So rate R = 100I/(P*T)
= 100*400/(5000*4)
= 2%
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