Asked by Ryan
Chris deposited $1,500 in a bank account for 2 years. The account earned $120.00 in simple interest. What simple interest rate did he receive?
Answers
Answered by
Ms. Sue
I = PRT
120 = 1,500 * R * 2
120 = 3,000R
120/3,000 = R
0.04 = R
120 = 1,500 * R * 2
120 = 3,000R
120/3,000 = R
0.04 = R
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