SOLUTION: An investment of $18000 earned $10800 interest in 5 years. What was the simple interest rate?

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Question 1147832: An investment of $18000 earned $10800 interest in 5 years.
What was the simple interest rate?
Answer by ikleyn(52787) About Me  (Show Source):
You can put this solution on YOUR website!
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One year interest is  10800%2F5 = 2160 dollars.


Then the simple interest rate is  2160%2F18000 = 0.12 as a decimal, or  12%  as percentage.