SOLUTION: Business and finance. Kevin earned $165 interest for 1 year on an investment of $1500. At the same rate, what amount of interest would be earned by an investment of $2500? H

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: Business and finance. Kevin earned $165 interest for 1 year on an investment of $1500. At the same rate, what amount of interest would be earned by an investment of $2500? H      Log On


   

Question 29531: Business and finance. Kevin earned $165 interest for 1 year on an investment of $1500. At the same rate, what amount of interest would be earned by an investment of $2500?

Help.
Thank you.
Answer by askmemath(368) About Me  (Show Source):
You can put this solution on YOUR website!
The formula for Simple Interest is given by
SI+=+%28P%2AT%2AR%29%2F100
Where P = Principal, T= Time and R = Rate
Re-Arranging since we know SI,P and T
R+=+%28SI%2A100%29%2F%28P%2AT%29
R+=+%28165%2A100%29%2F%281500%2A1%29
R = 11
Now can you Solve for the second part?