Respuesta :
Answer:
r = 3%
Step-by-step explanation:
interest = p X r X t
60 = 500 X r X 4
60 = 2000r
r = 60/2000
r = 0.03
r = 3%
If the principal = $500, and the Interest earned in 4 years = $60, then the interest rate is 3%
The principal, P = $500
Interest earned, I = $60
Time, T = 4 years
The interest rate, R = ?
The formula for interest earned is:
[tex]I = \frac{PRT}{100}[/tex]
Substitute, I = 60, P = 500, and T = 4 in order to solve for R
[tex]60=\frac{500 \times R \times 4}{100} \\\\60(100) = 2000R\\\\6000 = 2000R\\\\R=\frac{6000}{2000}\\\\R = 3[/tex]
The interest rate = 3%
Learn more here: https://brainly.com/question/14875934
