SOLUTION: 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?
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Question 11863: 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? Answer by askmemath(368) (Show Source):
You can put this solution on YOUR website! We know that Simple Interest is calculated as S.I = (prinicpal x Time x rate)/100
Given 165 = (1500x1xRate)/100
Simplifying we get Rate = 11%
Now we can calculate the interest on 2500 with the above formula and we get Interest = $275
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