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21 July, 05:06

The amount of interest earned from a savings account was $580. What was the interest rate if $1432 was deposited 6 years before

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  1. 21 July, 07:38
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    Step-by-step explanation:

    Solving our equation

    r = 580 / (1432 * 6) = 0.06750466

    r = 0.06750466

    converting r decimal to a percentage

    R = 0.06750466 * 100 = 6.7505%/year

    The interest rate required to

    accumulate simple interest of $ 580.00

    from a principal of $ 1,432.00

    over 6 years is 6.7505% per year.
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