Question

Sydney deposits $3,875 into our savings account she leaves that money untouched for three years after three years her account has earned $651 in interest what rate at which has her money growing

Answer 1

Answer: 5.6%

Step-by-step explanation:

Formula for simple interest: Interest = $\dfrac{P\times R \times T}{100}$, where P= Principal , R = Rate of interest , T= Time.

Given: P= $3,875, T= 3 years , Interest = $651

Substitute all values in formula, we get

$651=\dfrac{3875\times R\times3}{100}\\\\\Rightarrow\ R= \dfrac{65100}{3875\times3}\\\\\Rightarrow\ R=5.6\%$

Hence, the required rate = 5.6%