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cherylepting21 cherylepting21
  • 10-02-2017
  • Mathematics
Answered

if the simple interest on 1,000 for 10 years is 800,then what is the rate?

Verified Answer :

jdoe0001 jdoe0001
  • 10-02-2017

\(\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &800\\ P=\textit{original amount deposited}\to& \$1,000\\ r=rate\\ t=years\to &10 \end{cases}\)

solve for "r",

you'll get a decimal amount, just multiply it by 100, to get the percentage figure

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