Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Join our platform to connect with experts ready to provide precise answers to your questions in various areas. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Jacob invested $300 in a savings account and earned $81 in interest at the end of 9 years.

What was the interest rate?

A.
3%

B.
3.5%

C.
4%

D.
4.5%

Sagot :

heyDB
r = (1/t)(A/P - 1)

r = (1/9)((300/81) - 1)
Reduce the expression by cancelling the common factors.
r=(1/9)(100/27−1)

Combine 100/27 and −1 using a common denominator.
r=(1/9)(100−1⋅27/27)

Simplify the numerator.
r=(1/9)(73/27)

r = 0.30041152

converting r decimal to a percentage
R = 0.30041152 * 100 = 30.0412%/year

A. 3%
karleefetters

Answer:

3%

Step-by-step explanation:

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.