Question

2) Angelina is deciding which bank would give her the

Answer 1

Answer:

3.33%

Step-by-step explanation:

Given that :

Final amount A= 320

Principal P = 300

Time (t) = 2 years

Yes, the information is enough to obtain the interest rate :

Using the relation :

A = P(1 + rt)

r = interest rate

320 = 300(1 + r*2)

320 = 300(1 + 2r)

320/300 = 1 + 2r

1.0666666 = 1 + 2r

1.0666666 - 1 = 2r

0.0666666 = 2r

r = 0.0666666 / 2

r = 0.0333333

(0.0333333) * 100% = 3.33%