Answer:
Interest rate on the savings account=5.2%
Step-by-step explanation:
The simple interest amount is calculated using the formula below;
Simple interest amount=Principal×rate×time
where;
Principal=Initial deposit
rate=interest rate on the deposit
Time=number of years the money was deposited
In our case;
Principal=$77
Interest rate=r
Time=6 years
Simple interest amount=$24.02
Replacing;
$24.02=77×r×6
462 r=24.02
r=24.02/462
r=0.05199
In percentage=(0.05199×100)=5.199
Nearest 10th of a percentage=(10/100)=0.1
5.199 to the nearest 10th of a percent=5.2%
Interest rate on the savings account=5.2%
