A savings account starts with $250. It earns $30 in 2 years. Find the rate of interest

Question

A savings account starts with $250. It earns $30 in 2 years. Find the
rate of interest

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Ngọc Khuê 4 years 2021-08-10T13:06:16+00:00 1 Answers 12 views 0

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  1. Gerda
    0
    2021-08-10T13:07:51+00:00
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    Answer:

    The annual interest rate is 6%

    Step-by-step explanation:

    Use the formula for simple interest:  i = prt.

    Set i = prt equal to $30:  $30 = prt

    Solve this for r:

             $30

    r = ————– = ($30) / ($500)  = 0.06

          $250(2)

    The annual interest rate is 6%

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