Justin deposited $2,000 into an account 5 years ago. Simple interest was paid on the account. He has just withdrawn $2,876. What
1 answer:
Answer: 8.76%
Step-by-step explanation:
The formula to find the simple interest is given by :-
, where P is the principal amount, r is rate of interest () in decimal and t is the time ( in years). (1)
Given : Justin deposited $2,000 into an account 5 years ago.
i.e. P = $2,000 , t= 5 years
He has just withdrawn $2,876. i.e. Future value = $2,876
Interest (I)=$2,876-$2,000=$876 [Subtract Principal value from Future value]
Substitute all the above values of P , t , and I in the formula (1) , we get
In percent ,
Hence, the rate of interest = 8.76%
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