Question

Penelope invests $5,000 in a simple interest account for 4 years. What interest rate must
the account pay so there is $8,000 at the end of 4 years? (SHOW WORK & ADD UNITS
TO ANSWER) 3.3 Ex. 7
Interest= 8,000-5,000=
Principal= $5,000
Rate= ?
Time= 4 years
(Use I/PT=R formula, convent back to %)



Any help please thank you

Answer 1

Answer:

use i=prt

Step-by-step explanation:

3000=5000*r*4

solve for r

-2000=r*4

-8000=r <- thats ur answer

hope this help