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algol13
3 years ago
10

Over the last 4 years, Micheal has earned $240 interest on an initial investment of 2,000. What simple annual interest rate in t

he bank paying on this account?
Mathematics
1 answer:
LekaFEV [45]3 years ago
5 0

Answer:

3% simple interest

Step-by-step explanation:

Simple interest formula is:

I = P*r*t

P = $2000

r = ?

t = 4

I = $240

240 = 2000 * r * 4

60 = 2000r

r = 60/2000

r = 3/100 = 0.03  = 3%

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