Dr. Nefario put $5000 in the bank and left it there for 6 months. What simple interest rate would he need to have in order to ha

Question

masya89 [10]

2 years ago

15

Dr. Nefario put $5000 in the bank and left it there for 6 months. What simple interest rate would he need to have in order to ha

ve made $50 at then end of 6 months?

Mathematics

2 answers:

professor190 [17] · Answer 1 · 2022-08-09T00:22:01+03:00

professor190 [17]2 years ago

8 0

Ok I just need a ride home from school and I’m not getting a hold on

Sonja [21] · Answer 2 · 2022-08-08T22:13:38+03:00

Sonja [21]2 years ago

7 0

Answer: The interest rate is .166%

Step-by-step explanation:

So what I did was divide $50(Amount at the end) by 6 (the number of months). Which would give me the amount of money he made per month ($8.333...). So then $8.333.../$5000(Total $) is .166...% (Interest rate)