Victor calculates the percentage interest rate he needs to make $500 in simple annual interest over 5 years on a deposit of $1000 . Where did he go wrong?

Question

Victor calculates the percentage interest rate he needs to make $500  in simple annual interest over 5 years on a deposit of $1000 . Where did he go wrong?

anonymous · Answer

attachment

anonymous · Answer

He should have multiplied r by 100  to get the interest rate as a percentage. ???

anonymous · Answer

He applied the principal and interest to the wrong variables.

 He should have divided 2 by 12  to get the value for t.

 He misrepresented the earned interest with the final balance.

 He should have multiplied r by 100
  to get the interest rate as a percentage.

nurali · Answer

He should have multiplied r by 100 to get the interest rate as a percentage.

goformit100 · Answer

He should have multiplied r by 100 to get the interest rate as a percentage.

is correct answer :)