You invested $500 in a savings account and after three years you had $650 in your bank. What was the interest rate? Use the equation I=PRT. Where I stands for interest on the original investment, P stands for the amount of the original investment, R is the interest rate, and T is the time. Write your answer in a percent form.

Question

Mathematics

Aracely Bennett

17 April, 18:24

You invested $500 in a savings account and after three years you had $650 in your bank. What was the interest rate? Use the equation I=PRT. Where I stands for interest on the original investment, P stands for the amount of the original investment, R is the interest rate, and T is the time. Write your answer in a percent form.

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Kaitlynn Sutton · Answer 1

An increase of 43.3% per year

Step-by-step explanation:

using the equation, plug in the respective variables. 650 = 500R3, 3 times 500 is 1500. 650=1,500R. divide both sides by 1500 to get. 4333, 3 repeating ...433 in percent form is 43.3%. (I just use 650 out of 500 or 650/500 which is 1.3 divided by 3 because 3 years to get the same amount)