SOLUTION: Alice earned interest of $120 from an investment of $1000 for two years. What is the rate of simple interest per year?

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Question 1140309: Alice earned interest of $120 from an investment of $1000 for two years. What is the rate of simple interest per year?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+I+=+P%2Ar%2At+
+120+=+1000%2Ar%2A2+
+.12+=+2r+
+r+=+.06+
6% annual interest