Lily deposited $500 in a savings account. At the end of 1 year, she had earned $20 in simple interest. What interest rate did sh

Question

natita [175]

3 years ago

8

Lily deposited $500 in a savings account. At the end of 1 year, she had earned $20 in simple interest. What interest rate did sh

e receive?

Mathematics

1 answer:

Vlad1618 [11] · Answer 1 · 2022-02-23T13:13:29+03:00

Vlad1618 [11]3 years ago

7 0

Hi! To find the amount of simple interest earned, we can divide the amount earned in interest by the amount in the savings account. 20/500 is 0.04. To get this in percent form, multiply by 100 to get 4. Lily's savings account received an interest rate of 4%.