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Anvisha [2.4K]
4 years ago
11

you deposited 8500 dollars in a savings account that earns a simple interest rate what interest rate do you need to be paid if y

ou require 10093.75 after 5 years
Mathematics
1 answer:
anzhelika [568]4 years ago
3 0

we know that

The simple interest formula is equal to

A=P(1+rt)

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

in this problem we have

t=5\ years\\ P=\$8,500\\ A=\$10,093.75\\r=?

substitute in the formula above

10,093.75=8,500*(1+r*5)

solve for r

5*r=(10,093.75/8,500)-1

r=0.0375

r=3.75\%

therefore

<u>the answer is</u>

the rate of interest is 3.75\%

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