SOLUTION: If anyone can please help me solve the question and please type it step by step so I can solve questions like this in the future. What annual simple interest rate will increase Ja

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Question 792604: If anyone can please help me solve the question and please type it step by step so I can solve questions like this in the future.
What annual simple interest rate will increase Jacob Davidson's initial investment of $5,000 to $6,000 in two years?

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
1000=5000*r*2
1000/10000=r
r=0.1=10%