davispaula42 davispaula42

Today at 8:32 AM
Mathematics

Answered

After 2 years, $300 deposited in a savings account with simple interest had earned $24 in
interest. What was the interest rate?
Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r
is the interest rate expressed as a decimal, and t is the time in years.

After 2 years, $300 deposited in a savings account with simple interest had earned $24 in interest. What was the interest rate? Use the formula i = prt, where i class=

Answer :

vitalisdzapasi vitalisdzapasi

Today at 8:37 AM

Answer:

r = 4%

Step-by-step explanation:

Given i= 24, p=300, t=2

i = prt

make r the subject of the formula (divide both sides by pt)

r= i/pt

substitute given values into the the new formula

r = 24/(300x2)

r = 0.04 (4%)

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