Question

You invested $600 in a savings account that earns simple interest. After 20 years the account had earned $720 in interest. What was the interest rate on the account? Your answer can be in decimal or percent form.

Answer 1

1% interest
Explain: in 20 years interest = $120 120 divided by 20 = 6 so u get $6 each year for $600 so therefore u would get $1 per $100
which equals 1%
hope that helps!