justinejarmas justinejarmas

25-11-2018
Mathematics

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What is the interest rate, as a percent, that is necessary to earn 300 dollars in simple interest if 6000 dollars are invested for 5 years, to 1 decimal place?

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potatonite potatonite

25-11-2018

I = Prt
$300 = $6000 x r x 5
$300 = $30000 x r
r = $300÷$30000
r = 0.01

The interest rate should be 1% to earn 300 dollars in simple interest terms.

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