SOLUTION: What is the simple interest rate on a $1300 investment paying $229.71 interest in 5.7 years? Round to the nearest tenth of a percent

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Question 1176029: What is the simple interest rate on a $1300 investment paying $229.71 interest in 5.7 years?
Round to the nearest tenth of a percent
Found 3 solutions by ewatrrr, ikleyn, greenestamps:
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

Hi
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
0r
+r+=+n%28%28A%2FP%29%5E%281%2F%28nt%29%29-1%29    
+r+=+%28%281529.71%2F1300%29%5E%281%2F%285.7%29%29-1%29 = .029%

Wish You the Best in your Studies.


Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
.
What is the simple interest rate on a $1300 investment paying $229.71 interest in 5.7 years?
Round to the nearest tenth of a percent
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This solution by @ewatrr is   ABSURDIST   and   INCORRECT.


She produces the compound interest solution,  while the problem asks about the  SIMPLE  interest.


Ignore her post,  for your safety.


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This woman regularly brings  2 - 3 - 4 wrong solutions.

            E V E R Y     D A Y.


                Be aware (!)



Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


Simple interest -- not compound.

The interest earned is the principal, times the (annual) interest rate, times the number of years.

I = prt

In your example the interest is $229.71, the principal is $1300, and the number of years is 5.7; the unknown is the interest rate r:

229.71+=+%281300%29%28r%29%285.7%29

r+=+229.71%2F%28%281300%29%285.7%29%29

Use a calculator....