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Mai invested 500 in a fund for 3 years and was paid simple interest. The total interest that she received on the investment was 60 . As a percentage, what was the annual interest rate of her investment?

Solution

Solution

Rate : (- 29.33333 \dots %)

Solution steps

Translate the problem into an equation:

60 = 500 (1 + r \cdot 3)

Solve for

r, 60 = 500 (1 + r \cdot 3) : r = - 29.33333 \dots %

Rate : (- 29.33333 \dots %)

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