Question

Rita deposited $500 in a savings account earning simple interest.She made no other deposits or withdrawals.After 3 years,the account is worth $533.75.What is the interest rate on the account

Answer 1

Answer:

The interest rate is $11.25 per year.

Step-by-step explanation:

You divide $33.75 (the money added from interest) by 3 and you get $11.25

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Answer 2

Answer:

Interest rate is 2.25%

Step-by-step explanation:

Formula: I = P.r.t

so rate + I/P/t