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OpenStudy (anonymous):
a $7000 investment earns $840 annual simple interest in one year. What is the annual interest rate?
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OpenStudy (agl202):
Start off with: \[840/7000\]
Directrix (directrix):
A = P(1 + rt) where A is the total amount at the end of t = 1 year and r is the rate of interest 7840 = 7000*(1 + r*1) Solve for r @glamourglory
Directrix (directrix):
Also, check out the simple interest calculator here: http://www.calculatorsoup.com/calculators/financial/simple-interest-plus-principal-calculator.php On the tab, set it to find r.
OpenStudy (anonymous):
thank you that really helped
Directrix (directrix):
You are welcome.
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