2.

You invest $8,000 into a bank account with simple interest. 10 years later, the account has earned

$3,000 in interest.

a) What interest rate did the bank give you? (Make sure your answer is a percent)

Question

Mathematics

Jameson

9 May, 13:57

2.

You invest $8,000 into a bank account with simple interest. 10 years later, the account has earned

$3,000 in interest.

a) What interest rate did the bank give you? (Make sure your answer is a percent)

+2

Answers (1)

Know the Answer?

Darrell Luna · Answer 1

Step-by-step explanation:

Use the simple interest formula, P * r * t = I, to solve. P is the initial investment, r is the rate in decimal form, t is the time in years, and I is the interest earned. Filling in what we have:

8000 (r) (10) = 3000 and

80000r = 3000 so

r =.0375 Multiply by 100 to get the percent of 3.75%

2.You invest $8,000 into a bank account with simple interest. 10 years later, the account has earned$3,000 in interest.a) What interest rate did the bank give you? (Make sure your answer is a percent)

2.

You invest $8,000 into a bank account with simple interest. 10 years later, the account has earned

$3,000 in interest.

a) What interest rate did the bank give you? (Make sure your answer is a percent)