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Maria has a savings account that is earning simple interest. If she started with $200 in the account and has earned a total of $8 in interest in two years, what is the rate of the account?

User Tracy Fu
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2 Answers

3 votes

Answer:

0.02

Step-by-step explanation

User Dorr
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6 votes

Answer:

The rate of the interest for savings account is: 2%

Explanation:

Simple interest is given by the formula


I = Prt

Here

I is the interest,

P is the principal amount

r is the interest rate

and

t is the time period in years

Now, it is given that

P = $200

I = $8

t = 2 years

Putting the values in the formula


8 = 200 * r * 2\\8 = 400 * r\\r =(8)/(400)\\r = 0.02

Converting into percentage

r = 2%

Hence,

The rate of the interest for savings account is: 2%

User Jnic
by
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