Romelinper8aa Romelinper8aa
  • 25-12-2016
  • Mathematics
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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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Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 25-12-2016
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%
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672,831 rounded to the nearest hundred thousand