What is the interest rate, as a percent, that is necessary to earn 300 dollars in simple interest if 6000 dollars are invested for 5 years, to 1 decimal place?

Question

Mathematics

Valentina Cisneros

23 February, 23:54

What is the interest rate, as a percent, that is necessary to earn 300 dollars in simple interest if 6000 dollars are invested for 5 years, to 1 decimal place?

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Answers (1)

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Esteban Tate · Answer 1

I = Prt

$300 = $6000 x r x 5

$300 = $30000 x r

r = $300:$30000

r = 0.01

The interest rate should be 1% to earn 300 dollars in simple interest terms.