Question

barbara invests $500 at a rate of R% per year simple interest. at the end of 12 years, the total interest earned is 180. find the value of R​

Answer 1

Answer:

3

Step-by-step explanation:

Interest = R% / year

(R% x $500) x 12 years = $180

(R% x $500) = $180 / 12

(R% x $500) = $15

Barbara get $15 interest per year. Now calculate the rate

R = ($15 x 100) / $500 = 3

3% of $500 is $15