Answered

Discover the best answers at Westonci.ca, where experts share their insights and knowledge with you. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.


What interest is needed to earn $137.50 on a deposit of $500 for five years if it earns simple interest?

Sagot :

samuelonum1

Answer:

5.5%

Step-by-step explanation:

Given data

Simple interest =  $137.50

Principal= $500

time = 5 years

We want to find the rate  R

Simple interest= PRT/100

137.50 = 500*R*5/100

137.50=2500R/100

cross multiply

137.5*100= 2500R

13750= 2500R

divide both sides by 2500

R= 13750/2500

R=5.5%

Hence the rate is 5.5%

We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.