Posted by **confused** on Wednesday, May 30, 2007 at 12:04am.

A principal of $5000 was invested in a savings account for 4 years. If the interest earned for the period was $400, what was the interest rate?

i know this is 1.5 % or at least I think it is but how do i write it out?

Use the equation I=Prt, where I=interest earned, P=principal amount, r=rate, and t=time.

400=5000*4*r

400=20000r

0.02=r

So, from what is shown here, your answer was incorrect. It is 2%, and you also showed your work. Hope this works :-)

Sorry, the above post was by me, not "Anonymous". LOL

## Answer this Question

## Related Questions

- math - A principal of $5000 was invested in a savings account for 4 years. If ...
- math - 1.A principal of $5000 was invested in a savings account for 4 years. If ...
- math - Show work for. A principal of $5000.00 was invested in a saving account 4...
- Algebra( check my answers) - 1. Juan deposited $200 in a savings account earning...
- Algebra - Another bank offers a different savings rate. If an account with $400 ...
- Math - Your Aunt will give your $1,ooo if you invest it for 10 years in an ...
- Lat math question for some days. Can y'all help? - Huan deposited $850 into a ...
- Algebra - Abbi invested $1,500 in a certificate of deposit with a simple ...
- algebra - Abbi invested $1,200 in a certificate of deposit with a simple ...
- Pre-Algebra can you please help?! - Lester deposited $400 into a savings account...