Question 574565
Charles deposited 12,000 in the bank. He withdrew 5000 from his account after one year. If he reeives a total amount of 9350 after 3 years, fidn the rate of simeple interest.

I tried i=prt but that is confusing - help please
================
i = prt is (sort of) the formula for continuous compounding, but this says simple interest.
----
If the interest was paid on 12000 the first year, then 7000 for 2 years:
9350 = r*12000 + 2r*7000 = 26000r
r = 9350/26000 =~ 0.3596
--> 36% interest, a good rate.  Is he a shylock?