Ask Question
30 May, 13:14

camille invested $3000 into an account that earned annual simple interest. she made no deposits or withdrawals, and after 9 yrs, she had earned $1755 in interest. what was the interest rate of the savings account?

+1
Answers (1)
  1. 30 May, 13:21
    0
    6.5 %

    Step-by-step explanation:

    The simple interest formula is

    I = Prt

    dа ta:

    I = $1755

    P = $3000

    t = 9 yr

    Calculation:

    1755 = 3000 * r * 9

    1755 = 27 000 r

    Divide each side by 27 000

    r = 1755/27 000 = 0.065 = 6.5 % APR

    The annual percentage rate was 6.5 %.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “camille invested $3000 into an account that earned annual simple interest. she made no deposits or withdrawals, and after 9 yrs, she had ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers