Julie invested 3000 in a simple interest account for 2 years. At the end of the 2 years, she had earned $75 in interest. What wa

Question

3 years ago

5

s the simple interest rate of the account

1 answer:

Dahasolnce [82] · Answer 1 · 2022-01-13T18:16:39+03:00

The simple interest rate was: 1.25%

Step-by-step explanation:

Simple interest is given by:

$A = Prt\\Here\\A => Interest\\P=>Principal\ Amount\\r => Rate\\t => Time\ in\ years$

Given

Principal amount =$3000

Time = t = 2 years

Interest amount = A = $75

putting the values in the formula

$75 = 3000 * r * 2\\75 = 6000r$

Dividing both sides by 6000

$\frac{6000r}{6000} = \frac{75}{6000}\\r = 0.0125\\$

So,

The rate is:

0.0125 * 100 = 1.25%

Hence,

the simple interest rate was: 1.25%

Keywords: Simple interest, percentage

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