Answered

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A savings account starts with $250. It earns $30 in 2 years. Find the
rate of interest

Sagot :

altavistard

Answer:

The annual interest rate is 6%

Step-by-step explanation:

Use the formula for simple interest:  i = prt.

Set i = prt equal to $30:  $30 = prt

Solve this for r:

         $30

r = -------------- = ($30) / ($500)  = 0.06

      $250(2)

The annual interest rate is 6%

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