A principal of $2000 was invested in a savings account for 4 years. If the interest earned for that period was $480 what is the interest rate?

Question

I = prt for r

I did:
2000= 480(4)
2000=1920
9.6%

Answer 1

480 = 2000 * r * 4
480 = 8000 * r
480/8000 = r
0.06 = 6% = r

Do you see where you made your mistake?

Answer 2

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