You put $5,000 in a simple interest account at a bank. you will earn $1,200 in just 4 years. what is the annual interest rate for the account?

The annual interest rate for the account is 6%

Step-by-step explanation:

Given :  You put $5,000 in a simple interest account at a bank. You will earn $1,200 in just 4 years.

We have to calculate the rate of interest.

Using simple interest formula,

Where P is principal

r is rate of interest

t is time period.

Given  Principal = $ 5000

t = 4

SI = 1200

Substitute, we have,

Simplify, for  r, we have,

r = 6%

Thus, the annual interest rate for the account is 6%

to find the unit price, we must figure out the cost of one item (in this case one dish towel).   to do this, we divide the total price ($7.92) by the number of items bought (for this problem it is 8, because there are eight dish towels in one pack).  

$7.92/8 = $0.99

therefore, the unit price, or the price of one dish towel, is $0.99.

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