1.

At what rate of simple interest will $5000 amount to $6050 in 3 years,4months?​

Answer»

Answer:

6.3%

Step-by-step EXPLANATION:

P=5000

T=3years4months

=3+(4/12)

=3+(1/3)

=10/3

R=?

AMOUNT =6050

simple INTEREST =amount-principal

=6050-5000

=1050

SI=PTR/100

1050=(5000×10/3×R)/100

(1050×100)/(5000×10/3)=R

R=6.3%


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