Question 998971
10,000-5,988= 4,012 is the interest
Time 10 years
Now apply the formula for interest:
I= PRT (Interest = Principal*rate*time)Isolate rate, divide both sides by PT:
I/PT= r Plug in the numbers:
4,012/5,988*10= r
4,012/59,880= r
0.067= r Multiply * 100 to get percent:
%r = 6.7%