Question

Chad had $3,370.08 in a savings account with simple interest. He had opened the account with $3,009 exactly 2 years earlier. What was the interest rate?

Answer 1

by 5% honestly idk man im doing it for points

Answer 2

Answer:

6%

Step-by-step explanation:

i = prt

or

r = i / pt

where;

i = $3,370.08 - $3,009 = $361.09

p = $3,009

t = 2

r = $361.09 / ($3,009 x 2)

r = $361.09 / $6,018

r = 0.06

Hence the Interest rate is 6%