2 years ago

An investment of $4000 earns $1700 simple interest after 5 years. what is the annual simple interest rate in the investment?

Mathematics

1 answer:

dezoksy [38]2 years ago

8 0

Answer:

8.5% interest rate

Step-by-step explanation:

Principle: $4000

Interest rate: x

Time : 5 years

4000( 5 ) ( x ) = Interest

4000x = 1700/5

4000x = 340

x = 0.085 or 8.5% interest rate

Check:

8.5% x 4000 x 5

= 340 x 5

= 1700

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