Question

A bank deposit of $987 paid $29.61 in interest. What was the percentage of interest paid?

Answer 1

To find the percentage of interest paid, we need to divide the amount of interest paid by the initial deposit and then multiply by 100.

Interest percentage = (Interest / Initial deposit) * 100

Interest = $29.61
Initial deposit = $987

Interest percentage = (29.61 / 987) * 100

Interest percentage = 2.997 * 100

Interest percentage = 2.997%

Therefore, the percentage of interest paid is approximately 3%.