3 years ago

Jennifer opened a savings account with $750. She earned $75 in interest after 2 years. What is the interest rate?

Mathematics

1 answer:

balu736 [363]3 years ago

4 0

Answer:

Step-by-step explanation:

Solving our equation

r = 75 / ( 750 × 2 ) = 0.05

r = 0.05

converting r decimal to a percentage

R = 0.05 * 100 = 5%/year

The interest rate required to

accumulate simple interest of $ 75.00

from a principal of $ 750.00

over 2 years is 5% per year.

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