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16 September, 14:09

Mei-ling invested $2,000 in a simple interest account for 3 years. At the end of 3 years, she had earned $150 in interest. What was the simple interest rate of the account?

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  1. 16 September, 16:58
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    2.5%

    Step-by-step explanation:

    Simple Interest formula : V = P + P*r*t

    I = Prt

    $150 = $2000*r * 3

    r = $150 / ($2000*3) = 5/200 = 0.025 = 2.5%
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