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21 June, 05:48

Mikayla opens a savings account with a principal balance of $3,000. After 5 years, she earns $450 in interest. Using the equation I=prt, where I=interest, p = principal, r=rate, and t=time.

What is the interest rate on Mikayla's account after 5 years?

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  1. 21 June, 07:15
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    3% is the interest rate. Using the formula I=PRT, you can simply derive the rate by putting the given numbers in.

    I = 450

    P = 3,000

    R = ?

    T = 5 Years

    The equation now goes,

    450 = 3,000 * R * 5

    450 = 15,000 * R

    450/15,000 = R

    0.03 = R

    multiply it by 100,

    R = 3%
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