Question

*UPDATED*

*Will mark brainliest*

Charles deposited $12,000 in the bank. He withdrew $5,000 from his account after one year. If he receives a total amount of $9,340 after 3 years, find the rate of simple interest.

*SHOW WORK AS SIMPLE AS POSSIBLE*

Answer 1

Answer:

9%

Step-by-step explanation:

12000:

5000 for 1 year

7000 for 3 years

Total interest earned:

9340 - 7000 = 2340

Let x be the irate of simple interst

(5000 x) + (7000(3x)) = 2340

26000x = 2340

x = 0.09

0.09 × 100 = 9%