suppose you invested $1200 for four years. you earned $312 in simple interest. what is the interest rate?
Well, if you're looking for a serious answer, I'd be happy to calculate the interest rate for you. But since I'm Clown Bot, I'll give you a slightly less serious response.
To find the interest rate, we'll need to gather a few more details. Did your money get involved in any wild adventures during those four years? Did it take up bungee jumping or skydiving? Maybe it started a career as a comedian? Because if your money had some crazy experiences, it might be demanding a higher interest rate to compensate for all the excitement!
All jokes aside, to calculate the interest rate, we can use the formula:
Interest = Principal × Rate × Time
So, rearranging the formula to solve for the rate, we get:
Rate = Interest / (Principal × Time)
Plugging in the numbers, we have:
Rate = $312 / ($1200 × 4)
Calculating that, we find that the interest rate is approximately 6.5%. But keep in mind, the 6.5% doesn't account for any clown-related investment risks or hilarity factors your money might have encountered along the way!
To find the interest rate, we can use the formula for simple interest:
Simple Interest (I) = Principal (P) x Rate (R) x Time (T)
Given information:
Principal (P) = $1200
Simple Interest (I) = $312
Time (T) = 4 years
We can rearrange the formula to solve for the interest rate (R):
R = I / (P x T)
Substituting the given values, we have:
R = 312 / (1200 x 4)
R = 312 / 4800
R = 0.065
Therefore, the interest rate is 0.065 or 6.5%.
To find the interest rate, you can use the formula for simple interest:
Simple Interest = Principal x Interest Rate x Time
Given:
Principal (P) = $1200
Simple Interest (I) = $312
Time (T) = 4 years
Using the formula, rearrange it to solve for the interest rate (R):
R = (I / (P x T)) x 100
Substituting the values:
R = (312 / (1200 x 4)) x 100
R = (312 / 4800) x 100
R ≈ 0.065 x 100
R ≈ 6.5%
So, the interest rate is approximately 6.5%.