An investment of $5000 earns $6000 simple interest in 12 years. Calculate the interest rate.
1 answer:
Answer:
10%
Step-by-step explanation:
To solve this problem we can use a modified version of the simple interest formula which is shown below:
<em>I = interest amount </em>
<em>P = principal amount </em>
<em>t = time (years) </em>
Lets plug in the values:
The last step is to convert 0.1 into a percent:
0.1(100) = 10
The interest rate is 10%
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Answer:
P=1/65.
Step-by-step explanation:
We knaow that one coin in a collection of 65 has two heads. If a coin, chosen at random from the lot and then tossed, turns up heads 6 times in a row. We calculate the probability that it is the two-headed coin.
We calculate the number of possible combinations:
Number of favorable combinations is 1.
Therefore, the probability is
P=1/65.