Ask Question
3 January, 05:18

You invest $5,000 in an account earning simple interest. the balance after 6 years is $6,200. what is the interest rate?

+3
Answers (1)
  1. 3 January, 08:26
    0
    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%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “You invest $5,000 in an account earning simple interest. the balance after 6 years is $6,200. what is the interest rate? ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers