Question

Shane deposited $200 into an account and earned $36 in interest after 3 years. Use the formula I = prt, where I represents simple interest, p represents principal, r represents interest rate, and t represents time in years. What is the interest rate?

Answer 1

Answer:

  The interest rate = 6 %

Explanation:

We have  I = prt, where I represents simple interest, p represents principal, r represents interest rate, and t represents time in years.

 Here principal, p = 200 $

          Number of years , t = 3

        Interest received, I = 36$

       We need to find rate of interest.

Substituting

       36 = 200 x r x 3

      r = $\frac{36}{200*3}$= 0.06 = 6%

  The interest rate = 6 %