3 years ago

Tammi deposited $520 into a bank account that earned simple interest each year. After 5 years, she had earned $156 in interest.

2 answers:

6 0

Annual means yearly so you need to get the rate each year
156/5=31.2
31.2 Dollars every year
31.2/520=.06
.06*100=6% interest rate every year

polet [3.4K]3 years ago

6 0

520 is the principal, 156 is the total interest in 5 years. Divide the 156 by 5, and you get $31.20 per year. divide: 31.2 / 520 = 0.06. convert that to a fraction, and you get the answer: 6%

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