SOLUTION: 46. 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?
A) 1%
B) 1.5%
C) 2%
D) 2.
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-> SOLUTION: 46. 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?
A) 1%
B) 1.5%
C) 2%
D) 2.
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Question 58026: 46. 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?
A) 1%
B) 1.5%
C) 2%
D) 2.5%
Thankyou so much for your valuable time!!! Answer by rcmcc(152) (Show Source):
You can put this solution on YOUR website! Use the equation a=prt to solve for r the percentage substitute the terms into the equation
400=5000r4
divide by 5000(4) from 400 to isolate r
r=.02 or 2%
c) is your answer
