A $6000 investment earns $690 simple interest in two years. What is the annual interest rate?

A.
1.15%

B.
5.75%

C.
11.5%

D.
57.5%

Question

A $6000 investment earns $690 simple interest in two years. What is the annual interest rate?
 
 A.
1.15%
 
 B.
5.75%
 
 C.
11.5%
 
 D.
57.5%

funnyguy2 · Answer

how do you solve this

mehek14 · Answer

change all of the answer choices to decimals and multiply each by 6000 and the correct answer choice will give you 690

funnyguy2 · Answer

ok

mehek14 · Answer

well did you get the answer?

jdoe0001 · Answer

$\bf  i=prt
\ \quad \
i=\textit{interest amount}\to 690\
p=\textit{original amount deposited}\to \$6000\
t=years\to 2\
r=rate$

solve for "r"

funnyguy2 · Answer

c

funnyguy2 · Answer

@Mehek14

funnyguy2 · Answer

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=%246000+*+11.5%25++

mehek14 · Answer

yes that's correct gj

funnyguy2 · Answer

just tell me if Mehek14 is correct

jdoe0001 · Answer

try using i=prt
see what you get

funnyguy2 · Answer

makes scene @jdoe0001

jdoe0001 · Answer

$\bf i=prt
\ \quad \
i=\textit{interest amount}\to 690\
p=\textit{original amount deposited}\to \$6000\
t=years\to 2\
r=rate
\ \quad \ \quad \
690=6000\cdot r\cdot 2$

jdoe0001 · Answer

keep in mind that the value you'd get, will be a "decimal" value
to make it a percentage, multiply it by 100