Question

H deposited $ 7,500 into a bank account. At the end of 3 years, the account had earned $900 in simple intrest. What rate of intrest did the account earn per year

a. 2.78
b. 4%
c. 8.33%
d. 12%

Please show your work along w your answer :)

Answer 1

b, 4% .


Find this by using the Interest Formula:

I = P X R X T
I = 7500 X .OO4 X 3
I = 900