SOLUTION: You want to make $1850 simple interest in the next two years from your bank account that has $14,800 in it. What interest rate would you have to get to make $1260 in two years?

Question 935236: You want to make $1850 simple interest in the next two years from your bank account that has $14,800 in it. What interest rate would you have to get to make $1260 in two years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
You want to make $1850 simple interest in the next two years from your bank account that has $14,800 in it. What interest rate would you have to get to make $1260 in two years?
------------
I(t) = Prt
---
1260 = 14800*r*2
----
r = 1260/(2*14800) = 4.26%
--------------
Cheers,
Stan H.
----------------

RELATED QUESTIONS
A bank says you can double your money in 8 years if you put $2,000 in a simple interest... (answered by josmiceli,MathTherapy)

Today, you deposit $3,400 in a bank account that pays 5 percent simple interest. How... (answered by Boreal,Alan3354)

If you have $250 in a bank account for 2 years. It earns $7.50 simple interest. What is... (answered by checkley77)

You put $5,000 in a simple interest account at a bank. You will earn $1,200 in just 4... (answered by ewatrrr)

You put $10,000 in a simple interest account at a bank. You will earn $1,800 in just 4... (answered by solve_for_x)

You withdraw $1500 from a bank account each month that earns 3% annual interest. How much (answered by Theo)

You want to put $4,000 in a simple interest account. It has a 2.5% annual interest rate.... (answered by rfer)

Suppose you want to have $800,000 for retirement in 30 years. Your account earns 10%... (answered by CPhill)

I figured out the answer but I am clueless as to the equation. Can you please help????... (answered by stanbon)