Marshall deposited $3,300 in a savings account with simple interest. Six months later, the account held $3,415.50. 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.

Question

Claire Snow

4 November, 09:05

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Answers (1)

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Arnav · Answer 1

the simple interest is granted by the end of the year probably. If in 1/2 a year he gathered $115.50 then

115.50=3.300*r/2

r=231/3300

r=7%