SOLUTION: An investment pays simple interest, and triples in 13 years. What is the interest rate? Answer = _______ %

Algebra ->  Finance -> SOLUTION: An investment pays simple interest, and triples in 13 years. What is the interest rate? Answer = _______ %      Log On


   

Question 1198824: An investment pays simple interest, and triples in 13 years. What is the interest rate?
Answer = _______ %
Answer by ikleyn(52794) About Me  (Show Source):
You can put this solution on YOUR website!
.
An investment pays simple interest, and triples in 13 years. What is the interest rate?
~~~~~~~~~~~~~~~~~~~~ 

    3A  = A*(1+r*13)

    3   =    1 + 13r

    13r =    2

      r =    2/13 = 0.153846154 = 15.38%   (rounded).    ANSWER

Solved (as simple as possible).

------------------

To see many other similar  (and different)  solved problems on simple interest accounts,  look into the lesson
    - Simple interest percentage problems
in this site.

Learn the subject from there.