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At what simple interest rate would you invest $1,400 to earn $420 after 6 years? Answer in complete sentences.

At what simple interest rate would you invest $1,400 to earn $420 after 6 years? Answer in complete sentences.
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At what simple interest rate would you invest $1,400 to earn $420 after 6 years? Answer in complete sentences.

asked
User Fxtentacle
by
8.3k points

1 Answer

4 votes

Answer:

5%

Explanation:

I = P × R × T

420 = 1400 × R/100 × 6

R = 420 / 84 = 5%

answered
User Roman Shamritskiy
by
8.7k points
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