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Mademuasel [1]
3 years ago
6

Marcus invested $2000 in a bank account earning simple interest. The interest, I, he has after t years at an interest rate r is

given by this equation.
l = 2000 rt



After 2 years, the total amount in the account was $2160. What was the annual interest rate?
Mathematics
2 answers:
Whitepunk [10]3 years ago
6 0

Answer:

  • 4%

Step-by-step explanation:

<h3>Given</h3>

<u>The equation for simple interest:</u>

  • I = 2000rt

<u>And values</u>

  • Total = $2160
  • t = 2
  • r = ?
<h3>Solution</h3>

<u>Interest amount is</u>

  • $2160 - $2000 = $160

<u>Solving for annual interest rate</u>

  • 160 = 2000*2r
  • 160 = 4000r
  • r = 160/4000
  • r = 0.04
  • 0.04*100% = 4%

Annual interest rate is 4%

Cloud [144]3 years ago
6 0
<h2><u>A</u><u>n</u><u>s</u><u>w</u><u>e</u><u>r</u><u> </u></h2>

Given that ,

  • I = 2000rt

annual interest rate after 2yrs .

  • total = $ 2160
  • t = 2yrs
  • R = ?

Now,

<u>interest amount is </u>

  • <u>$</u><u>2</u><u>1</u><u>6</u><u>0</u><u>-</u><u>$</u><u>2</u><u>0</u><u>0</u><u>0</u><u> </u><u>=</u><u> </u><u>$</u><u>1</u><u>6</u><u>0</u>

Now,

<u>annual interest rate is </u><u>;</u><u> </u>

  • 160 = 2000 × 2r
  • 160 = 4000r
  • r = 160/4000
  • r = 0.04
  • r = 0.04×100% = 4%

<h2>the annual rate of interest is 4% </h2>
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