SOLUTION: A sum of $350 is invested at simple interest and amounts to $476 after 3 years. Find i) the total interest ii) the rate per cent per annum. .

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Question 1180526: A sum of $350 is invested at simple interest and amounts to $476 after 3 years. Find
i) the total interest
ii) the rate per cent per annum.

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Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
A sum of $350 is invested at simple interest and amounts to $476 after 3 years. Find
i) the total interest
ii) the rate per cent per annum.
Simple Interest = P * t * r
P = principal = 350
t = time in years 3 years
r = rate of interest =?
476-350= 350 * 3 * r
126 = 1050 *r
126/1050 =r
r=0.12
=12 %