SOLUTION: Jim puts $5000 in a savings account. At the end of a year the account had earned $540 in interest. What was the yearly interest rate on the account?
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Question 159262: Jim puts $5000 in a savings account. At the end of a year the account had earned $540 in interest. What was the yearly interest rate on the account? Answer by nerdybill(7384) (Show Source):
You can put this solution on YOUR website! Jim puts $5000 in a savings account. At the end of a year the account had earned $540 in interest. What was the yearly interest rate on the account?
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Let x = interest rate
then
5000x = 540
x = 540/5000
x = 0.108
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Or, 10.8% interest
