Tammi deposited $520 into a bank account that earned simple interest each year. After 5 years, she had earned $156 in interest.
2 answers:
Answer:
6 percent
Step-by-step explanation:
Interest =1 Part
156 = 520(annual rate )(5)
156 = 2600(annual interest rate )
annual rate=156/2600
annual interest rate = 0.06
annual interest rate=0.06*100
annual interest rate =6%
Answer:
6%
Step-by-step explanation:
Interest = Principal * rate * time
156 = 520(r)(5)
156 = 2600r
r = 0.06 or 6%
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