A bank deposit of $987 paid $29.61 in interest. What was the percentage of interest paid?(1 point)

Question

Responses

3%
3%

0.03%
0.03%

30%
30%

0.3%
0.3%

Answer 1

To calculate the percentage of interest paid, we divide the amount of interest paid ($29.61) by the amount of the deposit ($987), and then multiply the result by 100 to convert it into a percentage.

(29.61 / 987) * 100 = 0.03 * 100 = 3

Therefore, the percentage of interest paid is 3%.