After 1 year, $70,060 deposited in a savings account with simple interest had grown to a total of $77,136.06. What was the inter est rate?
1 answer:
Answer:
10.1%
Step-by-step explanation:
Interest = PRT/100
Interest = 77136.06 - 70060 = 7076.06
Interest = PRT/100
7076.06 = [(70060) × R × 1] / 100
7076.06 = 70060R/100
Cross multiply
(7076.06 × 100) = 70060R
707606 = 70060R
R = 707606/70060
R = 10.1%
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