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2 August, 22:53

you invest 2000 in a simple interest account. The balance after 8 years is 2720. What is the interest rate?

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  1. 3 August, 02:16
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    4.5%

    Step-by-step explanation:

    Find interest rate by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

    I = $720, P = $2000 and t = 8 years, so

    I = P*i*t

    i = I/P*t

    i = 720 / 2000 * 8

    i = 0.045 = 4.5% per year
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