You put $500 in an account. The account earns $55 simple interest in 5 years. What is the annual interest rate?

Question

You put $500 in an account. The
account earns $55 simple interest in 5
years. What is the annual interest
rate?

HURRY HELP

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Mộc Miên 2 months 2021-07-26T20:19:53+00:00 1 Answers 1 views 0

Answers ( )

    0
    2021-07-26T20:21:41+00:00

    Answer:

    2.2% per year

    Step-by-step explanation:

    Problem:

    You deposit $500 into a bank account and received $55 simple interest after 5 years. What had been the interest rate?

    Result:

    The interest rate was 2.2% per year.

    Explanation:

    Find interest rate by using the formula I = P*i*t , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.  In this example I = $55, P = $500 and t = 5 years, so

    i = 55/500*5

    i=0.022 = 2.2% per year

    Hope it helps XD

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