David invested $6350 for 4 years and received $508.00 in interest. At what rate did he invest if the interest was calculated using the simple interest formula?
Log(6858/6350) / log(4) = 0.055515656194372
6350*4^0.055515656194372= 6858
= 0.055515656194372 rate
David invested $6350 for 4 years and received $508.00 in interest. At what rate did he invest if the interest was calculated using the simple interest formula?
$508.00 / 4 =$127.00 Interest received per year.
$127.00 / $6,350.00 =.02 x 100 =2% Simple interest paid per year for 4 years.
