Jason invests money in an account paying simple interest. He invests $160 and no money is added or removed from the investment.
After one year, he has $164.80. What is the simple percent interest per year?
2 answers:
Answer:
The answer is 3%
Step-by-step explanation:
1.) $160 divided by $164.80 = 1.03
2.) 1.03 x 100 = 103
3.) 103 - 100 = 3
4.) 164.80 - 160 = 4.80
5.) 4.80 divided by 160 = 0.03
6.) 0.03 x 100 = <em>3%</em>
Answer: 1.03% Explanation: Divide the amount of money after 1 year by his original investment.
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