Chloe invests money in an account paying simple interest. She invests $200 and no money is added or removed from the investment.
After one year, she has $204. What is the simple percent interest per year?
2 answers:
Answer:
2%
Step-by-step explanation:
Chloe's simple interest for 1 year is $4. You can get this by subtracting the amount she invested from the total amount she got after one year.
Now that we know the simple interest, we can now get the simple interest rate or<em> simple percent interest per year </em>by dividing $4 by $200.
Let's change 0.02 into a percentage.
This means that every year, her investment will earn a <em>2% simple interest.</em>
Answer:
2%
Step-by-step explanation:
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