A principal of $1700 is invested at 8.2% simple interest, paid annually, for 7 years. What is the rate of return?

Question

Edmund · Answer

I = PRT 
 I = 1700 ( 0.082 ) ( 7 ) 
 I = 975.80 
 R e t u r n = I n t eres t + P r in c i p a l 
 R e t u r n = 1700 + 975.80 
 R e t u r n = 2675.80

Edmund · Answer

The total return from a $1700 investment at 8.2% simple interest for 7 years is $2675.80. This includes an interest earned of $975.80 on the principal amount. The formula used is I = PRT , where I is the interest, P is the principal, R is the rate, and T is the time in years. 
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A principal of $1700 is invested at 8.2% simple interest, paid annually, for 7 years. What is the rate of return?

Answer (2)

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