Shane deposited $200 into an account and earned $36 in interest after 3 years. Use the formula I = prt, where I represents simpl
e interest, p represents principal, r represents interest rate, and t represents time in years. What is the interest rate?
1 answer:
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 = 
= 0.06 = 6%
The interest rate = 6 %
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