If a Canada savings Bond is worth $6225 after 7 years, and was originally bought for $5000, what was the annual simple interest
rate? Answer as a percentage.
[Formulas are,
[I = P, R, T]
[A = P + I]
[A = P(1 + R times T)
1 answer:
Answer:
3.5%
Step-by-step explanation:
Given data
A=$6225
P=$5000
T= 7years
R=???
Simple interest
A=P(1+rt)
substitute
6225=5000(1+7r)
6225=5000+35000r
collect like terms
6225-5000=35000r
1225=35000r
r= 1225/35000
r=0.035
Hence the rate is 0.035*100= 3.5%
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