Question

After 1 year, $800 deposited in a savings account with simple interest had earned $64 in

Answer 1

Answer:

8%

Step-by-step explanation:

We will use the equation provided to solve this problem.

$I=Prt$

Lets plug in the values:

$64=800x(1)$     First, divide both sides by 800.

$.08=x(1)$         Multiply x by 1

$x = .08$

Now, we multiply .08 by 100 to get our interest rate:

(.08)100 = 8

The interest rate is 8%