What interest is needed to earn $137.50 on a deposit of $500 for five years if it earns simple interest?
1 answer:
Answer:
5.5%
Step-by-step explanation:
Given data
Simple interest = $137.50
Principal= $500
time = 5 years
We want to find the rate R
Simple interest= PRT/100
137.50 = 500*R*5/100
137.50=2500R/100
cross multiply
137.5*100= 2500R
13750= 2500R
divide both sides by 2500
R= 13750/2500
R=5.5%
Hence the rate is 5.5%
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