Jacob invested $300 in a savings account and earned $81 in simple interest at the end of 9 years. what was the interest rate

A) 3%

B) 3.5%

C) 4%

D) 4.5%

Question

Mathematics

Finn Buckley

29 June, 02:27

Jacob invested $300 in a savings account and earned $81 in simple interest at the end of 9 years. what was the interest rate

A) 3%

B) 3.5%

C) 4%

D) 4.5%

+3

Answers (2)

Know the Answer?

Francisco Hughes · Answer 1

A) 3%

Step-by-step explanation:

I = P (RT)

I = interest

P = principle

r = rate

t = time

81 = 300 r * 9

81 = 2700*r

divide by 2700

81/2700 = r

.03 = r

multiply by 100 to get the percent

3 = r

Landon Horn · Answer 2

Answer: A) 3%

Is the simple interest rate after 9 years

Step-by-step explanation:

Formula: Simple Interest: ⇒ $P*i%*n

P = Principal = $300

i = Simple interest rate:?

n = period of time in years = 9 years

Earned Interes (simple interest sfter 9 years) = $81

Therefore:

$300*i%*9 = $81

i% = $81 / ($300*9) = $9/$300 = $3/$100 = 0.03 = 3%

Jacob invested $300 in a savings account and earned $81 in simple interest at the end of 9 years. what was the interest rateA) 3%B) 3.5%C) 4%D) 4.5%

Jacob invested $300 in a savings account and earned $81 in simple interest at the end of 9 years. what was the interest rate

A) 3%

B) 3.5%

C) 4%

D) 4.5%