At what simple interest rate will 4500$ amount to 8000$ in 5 years?
Simple Interest is written as 1 + it.
With t = 5, we have:
4500(1 + 5i) = 8000
Divide each side by 4500
1 + 5i = 1.77777778
Subtract 1 from each side:
5i = 0.77777778
Divide each side by 5
i = 0.15555
As a percentage we multiply by 100 to get 15.5%
Simple Interest is written as 1 + it.
With t = 5, we have:
4500(1 + 5i) = 8000
Divide each side by 4500
1 + 5i = 1.77777778
Subtract 1 from each side:
5i = 0.77777778
Divide each side by 5
i = 0.15555
As a percentage we multiply by 100 to get 15.5%