SOLUTION: PLEASE SOMEONE HELP ME?
Business and finance. Kevin earned $165 interest for 1 year on an investment of
$1500. At the same rate, what amount of interest would be earned by an inv
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Polynomials-and-rational-expressions
-> SOLUTION: PLEASE SOMEONE HELP ME?
Business and finance. Kevin earned $165 interest for 1 year on an investment of
$1500. At the same rate, what amount of interest would be earned by an inv
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Question 76870: PLEASE SOMEONE HELP ME?
Business and finance. Kevin earned $165 interest for 1 year on an investment of
$1500. At the same rate, what amount of interest would be earned by an investment of $2500? Answer by tutorcecilia(2152) (Show Source):
You can put this solution on YOUR website! Use the formula for simple interest:
Interest = (Principle)(rate)(time)
.
Plug-in the values:
$165=(1500)(rate)(1 year)
165=1500(r)(1) [solve for rate (r)]
165=1500r
165/1500=1500r/1500
.11=r
.11 X 100% = 11% = rate
.
Use the rate of 11% for the second part of the problem:
I=Prt
Interest =($2500)(.11)(1year) [solve for interest (I)-
I=(2500)(.11)(1)
I=275.
