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juin [17]
3 years ago
11

Clint invested $6000 in a savings account for 12.5 years. At the end of 12.5 years, his savings account had $8250 in it. If $600

0 represents P, the principal amount, which percent represents the annual simple interest rate (r) that Clint earned after the 12.5 year (t) period?
Mathematics
2 answers:
Vika [28.1K]3 years ago
7 0
The balance B at the end of time t is given by
  B = P +Prt
  8250 = 6000 +6000*r*12.5 . . . . substitute the given information
  2250 = 6000*r*12.5 . . . . . . . . . . .subtract 6000
  2250/(6000*12.5) = r . . . . . . . . . .divide by the coefficient of r
  r = .03 = 3%

Clint earned 3% annual simple interest on his savings.
Alika [10]3 years ago
6 0
\bf ~~~~~~ \textit{Simple Interest Earned Amount}\\\\
A=P(1+rt)\qquad 
\begin{cases}
A=\textit{accumulated amount}\to &\$8250\\
P=\textit{original amount deposited}\to& \$6000\\
r=rate\to r\%\to \frac{r}{100}\\
t=years\to &12.5
\end{cases}
\\\\\\
8250=6000[1+(r)(12.5)]\implies \cfrac{8250}{6000}=1+12.5r
\\\\\\
\cfrac{11}{8}=1+12.5r
\implies 
\cfrac{11}{8}-1=12.5r\implies \cfrac{\frac{11}{8}-1}{12.5}=r
\\\\\\
0.03=r\implies 
r\%=003\cdot 100\implies r=\stackrel{\%}{3}
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