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Minimonster85
Minimonster85 Minimonster85
  • 18-05-2016
  • Mathematics
Answered

Irene received $425 in annual interest on a principal investment sum of $5,000. What was the simple interest rate for his return???

Verified Answer :

Hagrid
Hagrid Hagrid
  • 21-05-2016

Irene received 425 dollars as interest rate for his principal investment which is 5000 dollars.
Let's solve for the interest rate:
=> 425 / 5000 dollars = 0.085
=> 0.085 * 100% = 8.5% 
Thus the simple interest or annual interest to her investment is 8.5%

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