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

Question

2 years ago

6

given by this equation.
l = 2000 rt

After 2 years, the total amount in the account was $2160. What was the annual interest rate?

2 answers:

Whitepunk [10] · Answer 1 · 2022-05-16T21:45:45+03:00

Answer:

Step-by-step explanation:

<h3>Given</h3>

The equation for simple interest:

And values

<h3>Solution</h3>

Interest amount is

Solving for annual interest rate

Annual interest rate is 4%

Cloud [144] · Answer 2 · 2022-05-16T23:01:08+03:00

<h2>Answer </h2>

Given that ,

annual interest rate after 2yrs .

Now,

interest amount is

Now,

annual interest rate is ;

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