SOLUTION: You invested 9,000 and received yearly interest of 450.00. What is your interest rate on your investment

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Question 1010492: You invested 9,000 and received yearly interest of 450.00. What is your interest rate on your investment
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
We use the simple interest formula
I = prt
Here we look for r...
r = I/pt = 450/(9000)(1) = .05 = 5%