On july 1, 1990, john invested $300 in an account that earned 8% simple interest. on july 1, 1993 he closed this account and deposited the liquidated funds in a new account earning q% simple discount. on july 1, 1998, john had a balance of $520 in the simple discount account. how much interest did he earn between july 1, 1993 and july 1, 1994?

q =5.7%          $21.204

Explanation:

The simple interest formula is

I =

Given that

I = Interest , T = time ; ;R is rate ; P = principal

The amount of Interest that John earned by July 1, 1993 is,

           I = = 72

Thus, the total amount in the account by July 1 1993

= $300 + $72= $372

We understand that he deposited this amount to earn interest  at  q rate

On July 1, 1998, John received $520. This means that his interest in the five years = $520-$372 = $148

Using the simple interest formula,

Interest  = PRT/100

148 =

       = 14,800 =2600q

       q =

                 q = 5.69231%

Thus, rate = 5.7%

The interest that John earned between July 1, 1993 and July 1,1994 can be worked as

    I =

          = $21.204

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