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Popular Word Problems >

What annual rate of interest would you have to earn on an investment of 5000 to ensure receiving 305.00 interest after 1 year?

Solution

Wha t ann u a l r a t e o f in t eres t w o u l d yo u ha v e t o e a r n o n an in v es t m e n t o f 5000 t o e n s u re rece i v in g 305.00 in t eres t a f t er 1 ye a r ?

Solution

Rate : 6.1%

Solution steps

Translate the problem into an equation:

305 = 5000 r \cdot 1

Solve for

r, 305 = 5000 r \cdot 1 : r = 6.1%

Rate : 6.1%

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