Tammi deposited $520 into a bank account that earned simple interest each year. After 5 years, she had earned $156 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?

Enter your answer in the box.

Question

Mathematics

Brenda Matthews

3 September, 08:20

Tammi deposited $520 into a bank account that earned simple interest each year. After 5 years, she had earned $156 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?

Enter your answer in the box.

+4

Answers (2)

Know the Answer?

Asher Good · Answer 1

Annual means yearly so you need to get the rate each year

156/5=31.2

31.2 Dollars every year

31.2/520=.06

.06*100=6% interest rate every year

Ranger · Answer 2

520 is the principal, 156 is the total interest in 5 years. Divide the 156 by 5, and you get $31.20 per year. divide: 31.2 / 520 = 0.06. convert that to a fraction, and you get the answer: 6%

Tammi deposited $520 into a bank account that earned simple interest each year. After 5 years, she had earned $156 in interest.If no money was deposited into or withdrawn from the account, what was the annual interest rate?Enter your answer in the box.

Tammi deposited $520 into a bank account that earned simple interest each year. After 5 years, she had earned $156 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?

Enter your answer in the box.