financial

an investment of 3000 will pay a total of 600dllrs simple interest after 5yrs. what is its annual interest rate?

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asked by rosie
  1. I = PRT

    600 = 3,000 * r * 5

    Solve for r

  2. 40 annual interest rate

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    posted by rosie
  3. You've misplaced the decimal point. The interest rate is 4%.

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