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madam [21]
3 years ago
12

After 5 years, a $2,450 investment is worth $3,123.75.

Mathematics
1 answer:
kondaur [170]3 years ago
3 0

Answer:

5.5%

Step-by-step explanation:

To solve this problem we can use a modified version of the simple interest formula which is shown below:

r=\frac{I}{Pt}

<em>I = interest amount</em>

<em>P = principal amount</em>

<em>t = time (years)</em>

<em />

The first step is to find the interest gained from the investment.

3,123.75-2,450=673.75

Next, plug in the values into the equation:

r=\frac{673.75}{(2,450)(5)}     Multiply the bottom values

r=\frac{673.75}{12,550}         Divide the values

r=.055

The last step is to convert 0.055 into a percent:

0.055(100)=5.5

The interest rate is 5.5%

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