Question

Kelly deposited $4,205 in an account for 3.5 years. She earned $662.29 in interest. What interest rate did the bank pay her?

Answer 1

Answer:

r = 4.5%

Step-by-step explanation:

Formula:

I = Prt

r = I/(Pt)

Given:

I = 662.29

P = 4205

t = 3.5

Work:

r = I/(Pt)

r = 662.29/(4205 * 3.5)

r = 662.29/14717.5

r = 0.045

r = 4.5%