Question 574565: I have tried, can you help please?
Charles deposited 12,000 in the bank. He withdrew 5000 from his account after one year. If he reeives a total amount of 9350 after 3 years, fidn the rate of simeple interest.
I tried i=prt but that is confusing - help please
Answer by Alan3354(69443)   (Show Source):
You can put this solution on YOUR website! Charles deposited 12,000 in the bank. He withdrew 5000 from his account after one year. If he reeives a total amount of 9350 after 3 years, fidn the rate of simeple interest.
I tried i=prt but that is confusing - help please
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i = prt is (sort of) the formula for continuous compounding, but this says simple interest.
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If the interest was paid on 12000 the first year, then 7000 for 2 years:
9350 = r*12000 + 2r*7000 = 26000r
r = 9350/26000 =~ 0.3596
--> 36% interest, a good rate. Is he a shylock?
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