Question

diana invested $3000 in a savings account for 3 years. she earned $450 in interest over that time period. what interest rate did she earn? Use the formula l=Prt to find your answer , I=interest , P=principal and r=rate and T=time. write answer in decimal form

Answer 1

The interest rate is 0.05

Explanation:

`i = (prt)/(100)`

i = $450

p = $3000

r = r%

t = 3yrs

450 = (3000×r×3)/100

45000 = 9000r

9000r = 45000

r = 45000/9000

= 5%

= 0.05