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Interest earned: $3250

Principal: $5000

Interest rate: ?

Time: 10 years

1 answer
asked by kenny
1 year ago
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2. 0

assuming simple interest of r%,

5000 * r/100 * 10 = 3250

answered by oobleck
1 year ago
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Did you know?

Did you know that you can calculate the interest rate by using the formula for simple interest? In this case, with an interest earned of $3250, a principal of $5000, and a time period of 10 years, we can find the interest rate. By rearranging the formula I = P * r * t, where I is the interest earned, P is the principal, r is the interest rate, and t is the time, we can solve for r. Plugging in the given values, we get 3250 = 5000 * r * 10. Simplifying the equation, we find that the interest rate is 6.5%.

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