document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1034088>Question 1034088</A>: <I><SPAN STYLE=\"word-break: break-all;\">  A savings account is set up so that the simple interest earned on the investment is moved into a separate checking account at the end of each year. If investment of $4000 accumulate $680 of interest in the checking account after two years, does annual simple interest rate on the savings account ? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #648707 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=648707\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A savings account is set up so that the simple interest earned on the investment is moved into a separate checking account at the end of each year. If investment of $4000 accumulate $680 of interest in the checking account after two years, does annual simple interest rate on the savings account ? <BR>\n" );
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document.write( "I = P*r*t<BR>\n" );
document.write( "680 = 4000*r*2<BR>\n" );
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document.write( "r = 680/8000 = 0.085 = 8.5%<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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