SOLUTION: What annual rate of interest would you have to earn on an investment of 29000 dollars to ensure receiving 1450 dollars interest after one year?

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Question 748831: What annual rate of interest would you have to earn on an investment of 29000 dollars to ensure receiving 1450 dollars interest after one year?
Answer by tommyt3rd(5050) About Me  (Show Source):
You can put this solution on YOUR website!
Our working formula is the simple interest formula I=Prt with I=1450, P=29000,t=1
1450=29000*r*1
so r=1450/29000 = 0.05
which is 5%


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