Question

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 have made $50 at then end of 6 months?

Answer 1

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

Answer 2

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)