Question
Lakeisha placed $120 in a savings account earning simple interest. Find the interest rate if her account is worth $124.20 after one year.
Answers
Ms. Sue
I = PRT
4.20 = 120 * R * 1
4.20 = 120R
0.035 = 3.5% = R
4.20 = 120 * R * 1
4.20 = 120R
0.035 = 3.5% = R