HELP ME:Malik deposited $1,050 in a savings account, and it earned $241.50 in simple interest after four years. Find the interes

Question

hram777 [196]

4 years ago

15

HELP ME:Malik deposited $1,050 in a savings account, and it earned $241.50 in simple interest after four years. Find the interes

t rate on Malik's savings account.

Mathematics

1 answer:

MaRussiya [10] · Answer 1 · 2022-02-09T13:40:36+03:00

MaRussiya [10]4 years ago

4 0

To convert these numbers to a percent, divide the subset by the total, then multiply by 100.
$241.50 (subset) divided by $1,050 (total)
Is 0.23. Next, multiply the quotient (0.23) by 100 to get your answer.
0.23*100 = 23.
The interest rate would be 23%.