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Paraphin [41]
4 years ago
14

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
Mathematics
1 answer:
DiKsa [7]4 years ago
4 0

500 = 4000(x)5
4000 \times 5 \times x = 20000x
500 \div 20000 = x
Rate is .025 or 2.5%
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