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Andrew [12]
3 years ago
9

If the simple interest on ​$1,000 for 5 years is ​$300​, then what is the interest​ rate?

Mathematics
1 answer:
pantera1 [17]3 years ago
8 0

Answer:

6%/year

Step-by-step explanation:

Solving our equation

r = 300 / ( 1000 × 5 ) = 0.06

r = 0.06

converting r decimal to a percentage

R = 0.06 * 100 = 6%/year

The interest rate required to

accumulate simple interest of $ 300.00

from a principal of $ 1,000.00

over 5 years is 6% per year.

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Step-by-step explanation:

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3 years ago
Invest $6,300 in two different accounts the first account paid 11% the second account paid 6% in interest at the end of the year
MAVERICK [17]

Answer: he invested $5300 at 11% and $1000 at 6%

Step-by-step explanation:

Let x represent the amount which he invested in the first account paying 11% interest.

Let y represent the amount which he invested in the second account paying 6% interest.

He Invest $6,300 in two different accounts the first account paid 11% the second account paid 6% in interest. This means that

x + y = 6300

The formula for determining simple interest is expressed as

I = PRT/100

Considering the first account paying 11% interest,

P = $x

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R = 11℅

I = (x × 11 × 1)/100 = 0.11x

Considering the second account paying 6% interest,

P = $y

T = 1 year

R = 6℅

I = (y × 6 × 1)/100 = 0.06y

At the end of the year, he had earned $643 in interest , it means that

0.11x + 0.06y = 643 - - - - - - - - - -1

Substituting x = 6300 - y into equation 1, it becomes

0.11(6300 - y) + 0.06y = 643

693 - 0.11y + 0.06y = 643

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3 years ago
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Thats smarttt

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You phrased it so it would get pass the brainly bots system, kudos to you!

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