Hassan deposited $7,500 into a bank account. At the end of 3 years, the account had earned $900 in simple interest. What rate of interest did the account earn per year?

Question

Hassan deposited $7,500 into a bank account.  At the end of 3 years, the account had earned $900 in simple interest.  What rate of interest did the account earn per year?

aesrd · Accepted Answer

uh...4%?

helper · Answer

900/3 = 300/yr 300/7500 = .04 Or PRT = I R = I/PT R = 900/(7500 * 3) R = .04 = 4%