SOLUTION: You want to make $1850 simple interest in the next two years from your bank account that has $14,800 in it. What interest rate would you have to get to make $1260 in two years?
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Question 935236: You want to make $1850 simple interest in the next two years from your bank account that has $14,800 in it. What interest rate would you have to get to make $1260 in two years? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! You want to make $1850 simple interest in the next two years from your bank account that has $14,800 in it. What interest rate would you have to get to make $1260 in two years?
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I(t) = Prt
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1260 = 14800*r*2
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r = 1260/(2*14800) = 4.26%
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Cheers,
Stan H.
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