SOLUTION: The math problem is: You invest $5000 in an account earning simple interest. The balance after 6 years is $6200. What is the interest rate?

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Question 301431: The math problem is: You invest $5000 in an account earning simple interest. The balance after 6 years is $6200. What is the interest rate?
Answer by JBarnum(2146) About Me  (Show Source):
You can put this solution on YOUR website!
5000%2B6%285000x%29=6200 (to get this equation, i looked at what i would do to say get 10% of 5000 and thats multiply ing .10 by 5000 to get the amount of interest for 1 year, since there are 6 years u have to multiply the % for a year by 6)
5000%2B6%285000x%29=6200 solve for x
5000%2B%2830000x%29=6200
%2830000x%29=1200
x=.04
4% interest