a principal of $4,000 was invested into a savings account for 5 years. If the interest earned for the period was $500 what was t
he interest rate? The hint is the formula for simple interest is I= PRT
1 answer:
500=4000(x)(5)
4000(5) = 20000
500 = 20000x
500/20000 = x
.025 = x
2.5%
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