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Alenkinab [10]
3 years ago
9

Jacob invested $300 in a savings account and earned $81 in simple interest at the end of 9 years. what was the interest rate

Mathematics
1 answer:
Brilliant_brown [7]3 years ago
7 0

Answer:

A.

Step-by-step explanation:

We use the simple interest equation of A=P(1+rt).

A-the total amount with interest earned

P-the initial amount or principal

r-rate

t-time in years

We substitute the values P=300, A=381, and t=9. We then solve for r.

381=300(1+9r)

We divide both sides by 300.

\frac{381}{300}=\frac{300(1+9r)}{300}

Simplify.

1.27=1+9r

We subtract 1 from both sides.

1.27-1=1-1+9r

Simplify.

0.27=9r

We divide by 9.

\frac{0.27}{9}=\frac{9r}{9}

r=0.03

We need to convert the decimal to a percentage by multiplying by 100.

The interest rate is 3%.


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