Find the simple interest rate needed in order for an investment of $2000 to grow to an account of $5000 in 3 years

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Find the simple interest rate needed in order for an investment of $2000 to grow to an account of $5000 in 3 years

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Piper 1 week 2021-09-12T06:58:17+00:00 1 Answer 0

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    2021-09-12T06:59:56+00:00

    \bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\dotfill & \$5000\\ P=\textit{original amount deposited}\dotfill&\$2000\\ r=rate\to r\%\to \frac{r}{100}\\ t=years\dotfill &3 \end{cases} \\\\\\ 5000=2000(1+r3)\implies \cfrac{5000}{2000}=1+3r\implies \cfrac{5}{2}=1+3r \\\\\\ 5=2+6r\implies 3=6r\implies \cfrac{3}{6}=r\implies 0.5=r\implies \stackrel{\textit{converting to percent}}{0.5\cdot 100\implies 50\%}

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