Question

PLEASE HELP NEED ANSWER ASAP

Charles deposited $12,000 in the bank.
He withdrew $5000 from his account after one year.
If he receives a total amount of $9340 after 3 years, find the rate of simple interest.

Answer 1

9%

Explanation:

Answer 2

9%

Explanation:

12000:

5000 for 1 year

7000 for 3 years

Total interest earned:

9340 - 7000

= 2340

Let x be the interest multiple

(5000 × x) + (7000 × 3x) = 2340

26000x = 2340

x = 0.09

0.09 × 100 = 9%

Verification:

interest earned on:

5000 for 1 year:

interest is 9% of 5000

= 450

7000 for 3 years:

3 × 7000 × 9%

= 1890

(12000 + 450 + 1890) - 5000 = 9340