A deposit of $6,500 was invested and has grown to $8,300 in 5 years. The growth in value was via simple interest, calculated on
the basis of the initial investment. Calculate the rate of interest. Give your answer as a percentage to the nearest tenth of a percent.
1 answer:
Answer: 5.5%
Step-by-step explanation:
Since the money invested has grown to $8300 and the principal was $600, this means the interest is:
= $8300 - $6500
= $1800
Simple interest = (Principal × Rate × Time)/100
1800 = (6500 × Rate × 5)/100
Cross multiply
1800 × 100 = 32500 × Rate
Rate = 180000/32500
Rate = 5.5%
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