2) Angelina is deciding which bank would give her the
1 answer:
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%
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