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Over the last 4 years, Michael has earned $240 interest on an initial investment of $2,000. What simple annual interest rate is the bank paying on this account?
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Over the last 4 years, Michael has earned $240 interest on an initial investment of $2,000. What simple annual interest rate is the bank paying on this account?

User CABascourt
by
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2 Answers

4 votes

Answer:

3%

Explanation:

User Arry
by
8.7k points
5 votes
the simple interest rate was 0.3 or just 3%
User Andrzej Purtak
by
7.8k points
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