Register
Money deposited $8000 into an account 6 years ago. The account earned simple interest at a yearly rate. So far the total interest is $1200. What is the rate for the account.
9.6k views
4 votes
Money deposited $8000 into an account 6 years ago. The account earned simple interest at a yearly rate. So far the total interest is $1200. What is the rate for the account.

User Mrosiak
by
4.6k points

1 Answer

2 votes

Answer:

2.5%

Explanation:

interest = principal * rate * time

1200 = 8000r6

1200 = 48000r

r = 0.025

Rate for account is 2.5%

User Celie
by
4.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.2m questions

6.7m answers

Other Questions

Pizza planet is running a special 3 pizzas for 16.50. What is the unit rate for one pizza
What number is halfway between 0 and 18
If the 9-inch wheel of cheese costs $18.60, what is the cost per square inch? If the cost is less than a dollar, put a zero to the left of the decimal point?
Need answer to math problem!!!​
Which property is shown in the problem below? -8(x-3y-9) = -8x+24y+72 A the associative property B the commutative property C the distributive property D the division property ASAP
Link Copied!