if I invest $5000.00 in an account earning simple interest After 6 years the balance is $6,200. What is the interest rate
I = Prt
1200 = 5000 * R + 6
1200 = 30,000R
1200 / 30,000 = R
0.04 = 4% = R
1200 = 5000 * R + 6
1200 = 30,000R
1200 / 30,000 = R
0.04 = 4% = R