algebra interest word problem
Erin Grabish recevied $2,000 for speaking at a financial planning seminar. Erin invested the money in a certificate of deposit for 2 years. When she redeemed the certificate of deposit, she received $2166. What simple interest rate did Erin receive on this certificate of deposit?
asked by
Jordan

this problem has the same structure as the one I answered for you 4 minutes ago.
The only difference is that one has to conclude that the amount of interest is $166
let me know what rate you got.posted by Reiny

i don't know how to work it. didn't work out.
posted by Jordan

Just like before
R = I/PT
= 166/(2000x2)
= 166/4000
= .0415
= 4.15%posted by Reiny

its $2166 NOT $166
posted by Jordan

She deposited 2000 and got back 2166
how much did she make ?
Isn't that the interest ?posted by Reiny
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