After 5 years, $40,000 deposited in a savings account with simple interest had earned $26,000 in interest. What was the interest r

Question

After 5 years, $40,000 deposited in a savings account with simple interest had earned $26,000 in interest. What was the interest rate?

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RuslanHeatt 2 weeks 2023-01-19T18:20:39+00:00 1 Answer 0 views 0

Answer ( 1 )

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    2023-01-19T18:22:38+00:00
    Answer: The answer is 13% interest rate.
    Step-by-step explanation: first divide the interest money by the number of years (or months it doesn’t matter) which would get you 5200 then you would divide 5200 by the amount of money deposited into the bank (40,000) which should give you 0.13 or 13%
    26,000 / 5 = 5,200
    5,200 / 40,000 = 0.13 = 13%
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