SOLUTION: a orginal investment of 55,000 in three years earns 65,000 what is the simple interest rate? P=Prt/ I=Prt?

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Question 172697: a orginal investment of 55,000 in three years earns 65,000 what is the simple interest rate? P=Prt/ I=Prt?
Answer by jojo14344(1513) About Me  (Show Source):
You can put this solution on YOUR website!
Simple Interest:I=Prt
Where---->system%28I=Interest%2CP=Principal%2Cr=rate%2Ct=time%29
We know, I=10000 --->65000-55000=10000
Then,
10000=55000%28r%29%283%29
10000=165000%28r%29
cross%2810000%290.060606%2Fcross%28165000%29=cross%28165000%29r%2Fcross%28165000%29
r=0.060606%2A100 = 6.060606%, Answer
Thank you,
Jojo