a student has $1500 to deposit in a savings account. what is the lowest rate that would allow the student to earn $95 in simple
interest in a year?
2 answers:
rate = interest / principal
rate = 95/ 1500 = 0.0633333
rate = 6.33%
Answer:
6.3%
Step-by-step explanation:
A student has $1,500 to deposit in a savings account.
Interest = Principal × rate of interest
Let the rate of interest be x%
95.00 = 1,500 × (x/100)
95.00 = 15x
x = 
x = 6.33%
The lowest interest rate is 6.3% in a year.
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