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25-03-2021
Mathematics

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You deposit $500 in an account. The account earns $60 simple interest in 8 years. What is the annual interest rate?

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sunny5210 sunny5210

25-03-2021

Answer:

Step-by-step explanation:

Sub and solve

P = p * r * t

60 = 500 * r * 2 Combine the factors.

60 = 1000 * r Divide by 1000

r = 60 / 1000

r = 0.06

Convert this to a percent.

0.06 = x / 100 multiply both sides by 100

0.06 * 100 = x

x = 6%

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