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Popular Word Problems >

Calculate the simple interest rate used if 4350 was earned on a 19000 investment over 8 years

Solution

C a l c u l a t e t h e s im pl e in t eres t r a t e u se d i f 4350 w a s e a r n e d o n a 19000 in v es t m e n t o v er 8 ye a rs

Solution

Rate : 2.86184 \dots %

Solution steps

Translate the problem into an equation:

4350 = 19000 r \cdot 8

Solve for

r, 4350 = 19000 r \cdot 8 : r = 2.86184 \dots %

Rate : 2.86184 \dots %

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