SOLUTION: (1) $600 invested at simple interest for 2 years earns $96. what is the rate of interest per annum?
(2) Mary invested $200 for 3 years at 5% per annum, John $300 at the same rate.
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-> SOLUTION: (1) $600 invested at simple interest for 2 years earns $96. what is the rate of interest per annum?
(2) Mary invested $200 for 3 years at 5% per annum, John $300 at the same rate.
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Question 934757: (1) $600 invested at simple interest for 2 years earns $96. what is the rate of interest per annum?
(2) Mary invested $200 for 3 years at 5% per annum, John $300 at the same rate. if they both received the same amount of money in simple interest, for how many years did John invest his money? Answer by rfer(16322) (Show Source):
You can put this solution on YOUR website! 1)
I=Prt
r=I/Pt
r=96/(600*2)
r=96/1200
r=0.08
r=8%
2)
I=Prt
I=200*0.05*3
I=30
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t=I/(pr)
t=30/(300*0.05)
t=2 yrs
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