SOLUTION: You put $5,000 in a simple interest account at a bank. You will earn $1,200 in just 4 years. What is the annual interest rate for the account?

SOLUTION: You put $5,000 in a simple interest account at a bank. You will earn $1,200 in just 4 years. What is the annual interest rate for the account?

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Question 916727: You put $5,000 in a simple interest account at a bank. You will earn $1,200 in just 4 years. What is the annual interest rate for the account?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
I =Prt
1200 = 5000*4r
1200/20000 = r = .06 0r 6% interest
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