I invested $1585 for 5 years and
earned $475.50 in interest. What was
the interest rate?
1 answer:
Answer:
6%
Step-by-step explanation:
Given data
Principal= $1585
Time = 5 years
Interest = $475.50
Rate =???
The expression for the interest is given as
SI=PRT/100
substitute
475.50=1585*R*5/100
Cross multiply
475.50*100= 7925R
47550=7925R
R= 47550/7925
R= 6%
Hence the rate is 6%
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