SOLUTION: If you put $600 in a savings account for 10 years and received $35 in simple interest, what was the annual interest rate for the account?

SOLUTION: If you put $600 in a savings account for 10 years and received $35 in simple interest, what was the annual interest rate for the account?

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Question 929626: If you put $600 in a savings account for 10 years and received $35 in simple interest, what was the annual interest rate for the account?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
35=600*r*10
35/6000=r
r=0.0058=0.58%
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