SOLUTION: kevin invest $4000 in a simple interest account for five years. What interest must the account pay to make sure that he has $5500 at the end of five years?

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Question 916243: kevin invest $4000 in a simple interest account for five years. What interest must the account pay to make sure that he has $5500 at the end of five years?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
I = 1500 = 4000r(5yr)
100%281500%2F20000%29 = r = 7.5%