Question

After 5 years, $8,000 deposited in a savings account with simple interest had earned $3,600 in interest. What was the interest rate?

Answer 1

9%

Explanation:

So first we need to find how much interest he got in a single year.

3600 ÷ 5 = 720

Now we find out how much 720 is compared to 8000.

720 ÷ 8000 = 0.09

Then we make that a percentage:

9%