Mathematics, 28.07.2019 01:00 lee1817
Clint invested $6000 in a savings account for 12.5 years. at the end of 12.5 years, his savings account had $8250 in it. if $6000 represents p, the principal amount, which percent represents the annual simple interest rate (r) that clint earned after the 12.5 year (t) period?
Answers: 2
![\bf ~~~~~~ \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\to &\$8250\\ P=\textit{original amount deposited}\to& \$6000\\ r=rate\to r\%\to \frac{r}{100}\\ t=years\to &12.5 \end{cases} \\\\\\ 8250=6000[1+(r)(12.5)]\implies \cfrac{8250}{6000}=1+12.5r \\\\\\ \cfrac{11}{8}=1+12.5r \implies \cfrac{11}{8}-1=12.5r\implies \cfrac{\frac{11}{8}-1}{12.5}=r \\\\\\ 0.03=r\implies r\%=003\cdot 100\implies r=\stackrel{\%}{3}](/tpl/images/0140/7818/9aa09.png)
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Clint invested $6000 in a savings account for 12.5 years. at the end of 12.5 years, his savings acco...
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