Question

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15. Charles deposited $12,000 in the bank. He withdrew $5000 from his account after one year. If he receives a total amount of $9340 after 3 years, find the rate of simple interest.
(SHOW WORK)

Answer 1

Answer:

$3113.3¢

Step-by-step explanation:

First:

We need to know that Charles withdrawing $5000 is irrelevant for what the question is asking us.

Second:

Take 9340 and divide it by 3

Third:

Know that the 3 is equivalent to 3 years

Fourth:

And know that the 9340 is equivalent to $9340

Fifth:

Your answer should be $3113.3¢

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Answer 2

Answer: 3,113.33

Step-by-step explanation:

1.9340÷3

2. Round off the answer