Jess deposited $5,000 into an account that earns simple interest. After 9 years, Jess had earned $3,150 in interest. What was th e interest rate of the account?
2 answers:
Answer:
The interest rate of Jess's account was 7%
Step-by-step explanation:
____________________________________
A = P × (1 + rt)
A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
___________________________________
A=8,150
P=5,000
8,150 = 5,000 × (1 + r × 9)
8,150÷5,000 = 1 + 9r
1.63 = 1 + 9r
1.63 - 1 = 9r
0.63 = 9r
r = 063÷9
r = 0.07 = 7%
Answer:
The interest rate of Jess's account was 7%
Step-by-step explanation:
A = P * (1 + rt)
A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
Replacing with the values we know:
A = P * (1 + rt)
8,150 = 5,000 * (1 + r * 9)
8,150/5,000 = 1 + 9r
1.63 = 1 + 9r
1.63 - 1 = 9r
0.63 = 9r
r = 063/9
r = 0.07 = 7%
The interest rate of Jess's account was 7%
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