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You invest $5,000 in an account earning simple interest. the balance after 6 years is $6,200. what is the interest rate?
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You invest $5,000 in an account earning simple interest. the balance after 6 years is $6,200. what is the interest rate?

User Andrew Buss
by
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1 Answer

1 vote
F=p(1+rt)
6200=5000(1+6r) divided both sides by 5000

1.24=1+6r
1.24-1=6r
6r=0.24
R=0.04*100=4%
User Yash Mehrotra
by
9.2k points
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