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 110158: 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 elima(1433) (Show Source):
You can put this solution on YOUR website! 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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I=PRT
I=interest
P=principal
R=rate
T=time
Now substitute with information given;
165=1500R(1)
165=1500R
.11=R
Now that we know the rate, lets use the same rate to get the next interest earned;
I=2500(.11)(1)
I=275
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