Kayla had 101785.44 in a savings account with simple intrest. she had opened the account with 80020 exactly 2 years ago. what wa

Question

3 years ago

13

s the interest rate? HELPS PLS

1 answer:

stiks02 [169] · Answer 1 · 2022-06-08T22:20:14+03:00

Answer:

13.6 %

Step-by-step explanation:

The simple interest formula is

A = P(1 + rt)

Data:

A = $101 785.44

P = $ 80 020

t = 2 yr

Calculation:

101 785.44 = 80 020(1 + r×2)

Divide each side by 80 020

1.2720 = 1+ 2r

Subtract 1 from each side

0.2720 = 2r

Divide each side by 2

r = 0.136 = 13.6 % APR

The annual percentage rate is 13.6 %.