Question

Larry Klaus withdrew $310.80 simple interest from an account after 4 years. If he invested $1,110.00, how much was his rate of interest?

Answer 1

I would like to answer this but I don't think I would be correct I got .89 % every year you might want to get a second opinion.

Answer 2

not 89% but .89%

Answer 3

The answer choices are 6%, 7%, 5% and 4% @HelpMePlease?

Answer 4

@DarkBlueChocobo

Answer 5

see my point exactly just give me a second.

Answer 6

brb i think i hot it.

Answer 7

No problem. @HelpMePlease?

Answer 8

the answer is 7%

Answer 9

A/(Pt) = r

Answer 10

310.80/(1110*4) = .07

Answer 11

withdrew $310.80 simple interest from an account after 4 years. If he invested $1,110.00, how much was his rate of interest

Do it like the others... 4 years, $1110 initial, r is interest rate

$1110*4*r = $310.80

Solve for r, then convert it to a percentage.

Answer 12

Sorry it took me so long to get that easy answer.

Answer 13

Yay! Thanks! :) @agent0smith @HelpMePlease?

Answer 14

I would have never gotten it. Don't apologize :) @HelpMePlease?

Answer 15

btw the formula i've been using, but haven't written, is

A = Prt

P is principal/invested amount, r is rate, t is time. A is amount of interest

Answer 16

do you agree with my answer of .07?