Lily deposited $500 in a savings account. At the end of 1 year, she had eamed $20 in simple interest What interest rate did she receive?

asked Nov 27, 2021 192k views

1 vote

3.9k points

Please log in or register to add a comment.

1 vote

Answer:

4% compounded yearly

Explanation:

20 / 500 = 0.04

0.04 * 100 = 4%

Vjangus answered Dec 3, 2021

4.5k points

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

4.7m questions

6.2m answers