simple interest: find the rate,if mr ade invest N5ooo for 3y

cokhale said:
find the rate,if mr ade invest N5ooo for 3years.
Um... Find the rate of what? :shock:

I think the exercise is meant to read as follows:

Find the interest rate, if Mr. Ade invested 5000 units of currency for three years.
Unfortunately, without knowing the interest type (and I've learned not to trust subject lines as being at all applicable to post contents, so I won't presume to read meaning into that), and without having any information regarding the amount of interest earned, I'm afraid there is no way to answer this exercise. Sorry! :oops:

If my guess as to your meaning was incorrect, please forgive my confusion and reply with corrections. Otherwise, please consult with your instructor regarding the missing information. In either case, please provide a clear listing of your work and reasoning so far when you reply.

Thank you! :D

Eliz.
 
Re: simple interest

The original post is nonsense, so we have to guess at HOW to help you.

Here is some basic information about simple interest.

There is a formula.

I = P r t

I = the simple interest earned (a dollar amount)

P = the investment earning interest (a dollar amount)

r = the simple-interest rate (a DECIMAL percent)

t = the number of years

Example:

Find the simple interest rate for a $5000 investment that earns $375 in simple interest after 3 years.

I = 375

P = 5000

r = the DECIMAL percent we want

t = 3

Substitute the numbers into the formula.

375 = (5000) (r) (3)

375 = 15000r

r = 0.025

The simple interest rate is 2.5%

 
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