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3 years ago

Diana invested $3000 in a savings account for 3 years. She earned $450 in interest over that time period. What interest rate did

she earn? Use the formula I=Prt to find your answer, where I is interest, P is principal, r is rate and t is time. Enter your solution in decimal form rounded to the nearest hundredth. For example, if your solution is 12%, you would enter 0.12.

Mathematics

1 answer:

Mnenie [13.5K]3 years ago

3 0

$\bf ~~~~~~ \textit{Simple Interest Earned}
\\\\
I = Prt\qquad 
\begin{cases}
I=\textit{interest earned}\to &\$450\\
P=\textit{original amount deposited}\to& \$3000\\
r=rate\to r\%\to \frac{r}{100}\\
t=years\to &3
\end{cases}
\\\\\\
450=(3000)(r)(3)\implies \cfrac{450}{(3000)(3)}=r\implies \cfrac{1}{20}=r
\\\\\\
0.05=r\implies r\%=0.05\cdot 100\implies r=\stackrel{\%}{5}$

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<h3>What is depreciation?</h3>

Depreciation is to decrease in the value of a product in a period of time. This can be given as,

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Here, (<em>P</em>) is the price of the product, (<em>r</em>) is the rate of annual depreciation and (<em>n</em>) is the number of years.

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