Use the formula for simple interest account
I = P*r*t.
Substitute the given data into the formula
35.00 = .
From this equation find the only unknwn r = = 0.051429 = 5.1429%. ANSWER
Solved.
I assumed 365 days in an year.
You may use the number of 360 instead of 365, too, getting the rate very close to 5% = 0.05.
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To see many other similar (and different) solved problems on simple interest accounts, look into the lesson
- Simple interest percentage problems
in this site.
