SOLUTION: At what simple interest rate must your deposit of ₱35,000 be credited if you want to earn ₱6,000 worth of interest in 5 years?

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Question 1175635: At what simple interest rate must your deposit of ₱35,000 be credited if
you want to earn ₱6,000 worth of interest in 5 years?
Answer by ikleyn(52848) About Me  (Show Source):
You can put this solution on YOUR website!
.

    6000 = Prt


     r   = 6000%2F%2835000%2A5%29 = 0.034286 = 3.43% (rounded).      ANSWER

Solved.