Question

If the simple interest on 5000 dollars for 5 years is 2000 dollars the what is the interest rate

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$ 2000\\ P=\textit{original amount deposited}\dotfill & \$5000\\ r=rate\to r\%\to (r)/(100)\\ t=years\dotfill &5 \end{cases} \\\\\\ 2000 = (5000)((r)/(100))(5) \implies 2000=250r\implies \cfrac{2000}{250}=r\implies \stackrel{ \% }{8}=r`