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a principal of $4,000 was invested into a savings account for 5 years. If the interest earned for the period was $500 what was the interest rate? The hint is the formula for simple interest is I= PRT
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a principal of $4,000 was invested into a savings account for 5 years. If the interest earned for the period was $500 what was the interest rate? The hint is the formula for simple interest is I= PRT

User Ankur Sethi
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7.1k points

1 Answer

5 votes
500=4000(x)(5)

4000(5) = 20000

500 = 20000x

500/20000 = x

.025 = x

2.5%
User Peter De Bruijn
by
8.5k points
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