Question

derek deposited 3000 in a simple interest account 3 years ago. he has earned 360 in interest so far what is the interest rate for his account

Answer 1

Derek deposited $3,000 in a simple interest account 3 years ago. He has earned $360 in interest so far. What is the interest rate for his account?

Explanation:

Answer 2

4%

Explanation:

I=Prt (interest rate = principle(rate)(time)

360=(3000)(r)(3)

360=9000

4%