Ask Question
1 April, 06:57

Ellen made $52 in interest by placing $400 in a savings account with simple interest for 1 year. What was the interest rate?

+2
Answers (1)
  1. 1 April, 08:04
    0
    Formula of simple interest rate: I=PxRxT

    I=52$

    P=400$

    R=?

    T=1 year

    I=PxRxT

    I/P/T=R

    52/400/1=R

    13%=R

    The interest rate was 13% per year.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Ellen made $52 in interest by placing $400 in a savings account with simple interest for 1 year. What was the interest rate? ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers