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Keisha invested $7000 in a fund for 6 years and was paid simple interest. The total interest that she received on the investment was $2100. As a percentage, what was the annual interest rate of her investment?

Respuesta :

We will have the following:

[tex]\begin{gathered} 9100=7000(1+r(6))\Rightarrow\frac{13}{10}=1+6r \\ \\ \Rightarrow6r=\frac{3}{10}\Rightarrow r=\frac{1}{20} \\ \\ \Rightarrow r=0.05 \end{gathered}[/tex]

So, the annual interest rate was 5%.

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