Question

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 intro p is principal r is rate and t is time. enter your solution in decimal form rounded to the nearest hundredth.

Answer 1

I = PRT...looking for r....rearrange : I / PT = R

I / PT = R
I = 450
P = 3000
T = 3
now we sub
450 / (3000 * 3) = 
450 / 9000 = 
0.05 <===== in decimal form