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Popular Word Problems >

At what simple interest rate was 312, 000 invested if it earned an interest of 24, 102 just after 1.5 years

Solution

A t w ha t s im pl e in t eres t r a t e w a s 312, 000 in v es t e d i f i t e a r n e d an in t eres t o f 24, 102 j u s t a f t er 1.5 ye a rs

Solution

Rate : 5.15%

Solution steps

Translate the problem into an equation:

24102 = 312000 r \cdot 1.5

Solve for

r, 24102 = 312000 r \cdot 1.5 : r = 5.15%

Rate : 5.15%

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