Five years ago Preston deposited 5000 dollars into a bank that paid him simple interest Over that time he earned 900 dollars in interest What interest rate did the bank give Preston

Solution

Solution

Rate : 3.6%

Solution steps

Translate the problem into an equation:

900 = 5000 r \cdot 5

Solve for

r, 900 = 5000 r \cdot 5 : r = 3.6%

Rate : 3.6%

Popular Examples

Thrice a number is 66 less than 5 times the number. Find the number.11 increased by twice a number he diameter of a circle is 14 m. Find the circumference the sum of five times a number and 7 more than the number is the same as the difference between-25 and twice the number ana has 10 cookies and her friend takes 1 how many are left