SOLUTION: Jerry invested $5000 in a savings account with simple 3 years. If the interest earned from the account is $600, find the rate.
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Question 919885: Jerry invested $5000 in a savings account with simple 3 years. If the interest earned from the account is $600, find the rate.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Jerry invested $5000 in a savings account with simple 3 years. If the interest earned from the account is $600, find the rate.
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I(t) = P*r*t
600 = 5000*r*3
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200 = 5000r
r = 200/5000
r = 4/100 = 0.04 = 4%
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Cheers,
Stan H.
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