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Fantom [35]
3 years ago
9

camille invested $3000 into an account that earned annual simple interest. she made no deposits or withdrawals, and after 9 yrs,

she had earned $1755 in interest. what was the interest rate of the savings account?​
Mathematics
1 answer:
KonstantinChe [14]3 years ago
8 0

Answer:

6.5 %  

Step-by-step explanation:

The simple interest formula is

I = Prt

Data:

I = $1755

P = $3000

t = 9 yr

Calculation:

1755 = 3000 × r × 9

1755 = 27 000 r

Divide each side by 27 000

r = 1755/27 000 = 0.065 = 6.5 % APR

The annual percentage rate was 6.5 %.

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