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Mrac [35]
3 years ago
13

Bernie deposited $30,000 in a savings account with simple interest. One year later, he had earned $3,300 in interest. What was t

he interest rate?
Mathematics
1 answer:
Paraphin [41]3 years ago
7 0

Answer:

  • The interest rate is 11%.

Step-by-step explanation:

Let's use PRT/100 = Interest to solve this problem

<u>We know that:</u>

  • Formula: Principle x rate x time/100 = Interest

<u>Work:</u>

  • 30,000 x r x 1/100 = 3,300
  • => 300 x r x 1 = 3,300
  • => 300r = 3,300
  • => r = 3,300/300
  • => r = 11

Hence, the interest rate is 11%.

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