document.write( "Question 606441: if you invest $200 into a simple interest savings account for 5 years and earn $60 in interest what is the interest rate \n" ); document.write( "

Algebra.Com's Answer #382071 by Cintchr(481) $\"\"$ $\"About$

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Start with the simple interest formula
\n" ); document.write( " $\"I+=+prt\"$
\n" ); document.write( " $\"p+=200\"$
\n" ); document.write( " $\"t=5\"$
\n" ); document.write( " $\"I=60\"$
\n" ); document.write( "Substitute the values into the formula.
\n" ); document.write( " $\"I+=+prt\"$
\n" ); document.write( " $\"60+=+200%28r%295%29\"$
\n" ); document.write( "Multiply on the right side.
\n" ); document.write( " $\"60+=+1000r\"$
\n" ); document.write( "divide both sides by 1000
\n" ); document.write( " $\"%2860%29%2F%281000%29+=+%281000r%29%2F%281000%29\"$
\n" ); document.write( "reduce
\n" ); document.write( " $\"6%2F100+=+r\"$
\n" ); document.write( "Change the fraction to a percent
\n" ); document.write( "6% = r
\n" ); document.write( " \n" ); document.write( "

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