You invested $15,000 in two accounts paying 6% and 8% annual interest, respectively.
A $5000 investment at an annual simple interest rate of 4.4% earned as much interest after one year as another investment in an account that earned 5.5% annual simple interest. How much was invested at 5.5%?
Two equations. x+y=56000 .07x=.05y Solve both of these equations simultaneously and it will be the answer. x+(.07/.05 x)=56000
Let P be the amount of invested money. Then, .08P = 336 P = 336/.08 = 4,200
Kate invested 4500.
It was eight years.
To calculate the interest earned in one year, you can use the formula: Interest = Principal × Rate × Time. Here, the Principal is the initial amount of money invested or borrowed, the Rate is the annual interest rate (expressed as a decimal), and Time is the duration in years (which is 1 for one year). For example, if you have a principal of $1,000 and an annual interest rate of 5%, the interest earned in one year would be $1,000 × 0.05 × 1 = $50.
The amount of interest earned on an investment is calculated by multiplying the principal amount invested by the interest rate and the time the money is invested for. This formula is typically expressed as: Interest Principal x Rate x Time.
an investmntment of 4000 is made at an annual simple interest rate of 8%. How much additional money must be invested at 12% so that the total interest earned is 1640?
1/12th of 5% because there are 12 months in a year. ANSWER:- 1/60th per cent, which is the same as 0.01667 of the amount invested.
$210.00
2.25
T = 3yrs