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You put $5,000 in a simple interest account at a bank. You will earn $1,200 in just 4 years. What is the annual interest rate for the account?

You put $5,000 in a simple interest account at a bank. You will earn $1,200 in just 4 years. What is the annual interest rate for the account?
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You put $5,000 in a simple interest account at a bank. You will earn $1,200 in just 4 years. What is the annual interest rate for the account?

User Jarrell
by
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1 Answer

1 vote
1200 = 5000*4r
1200/20000 = r = .06 0r 6%
User Maosmurf
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8.0k points
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