Posted by Matt on Thursday, January 10, 2013 at 6:24am.
I=prt
600=300(r)(5)
600= 1500r
600/1500=r
fruit used "simple interest"
But for a five year period it is more likely that compound interest would be used
3600 = 3000(1+i)^5
1.2 = (1+i)^5
take the 5th root
1+i = 1.2^(1/5) = 1.037..
i = .037
or 3.7%
Related Questions
math - Pat deposits $600.00 in a saving accounts at a simple interest rate of 6...
algebra HELP ASAP - If $13,000 is deposited in a bank account paying 6% ...
finance - equipment cost $20,000 and is financed over a period of five years at ...
math - Marla earned $400 interest over 2 years on a $4,000 investment. Jovita ...
Finance - Find the future value of $10,000 invested now after five years if the ...
college algebra - John invests $2500 in an account that pays a rate r compounded...
Maths Investments - Kate is thinking about investing $60 000 for 4 years. She ...
Maths (Investments) - Kate is thinking about investing $60 000 for 4 years. She ...
Math - How much less interest is earned at 6% simple interest for 5 years on a $...
Algebra - please check my answer for me - The population increased 80 percent in...
For Further Reading
