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Popular Word Problems >

If 500 yields 55.03 in simple interest over 5 years, what is the annual rate?

Solution

I f 500 y i e l d s 55.03 in s im pl e in t eres t o v er 5 ye a rs, w ha t i s t h e ann u a l r a t e ?

Solution

Rate : \frac{I}{2500}

Solution steps

Translate the problem into an equation:

I = 500 r \cdot 5

Solve for

r, I = 500 r \cdot 5 : r = \frac{I}{2500}

Rate : \frac{I}{2500}

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