Math

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? [Hint: The formula for simple interest is I=Prt.]

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asked by Issa
  1. I = PRT
    400 = 5000 * R * 4
    400 = 20,000R
    0.02 = R

    R = 2%

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    posted by Ms. Sue

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