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Popular Word Problems >

if the simple interest earned on a 5000 investment is 47.82 after 3 years what is the annual interest rate

Solution

i f t h e s im pl e in t eres t e a r n e d o n a 5000 in v es t m e n t i s 47.82 a f t er 3 ye a rs w ha t i s t h e ann u a l in t eres t r a t e

Solution

Rate : 0.3188%

Solution steps

Translate the problem into an equation:

47.82 = 5000 r \cdot 3

Solve for

r, 47.82 = 5000 r \cdot 3 : r = 0.3188%

Rate : 0.3188%

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