Question

Diana invested $3,000 in the savings account for 3 years. She earned $450 in interest over that time period. What interest rate did she earn? Use the formula I=PRT to find your answer, where I is interest, p is principal, r as rate into his time into your solution in decimal form rounded to the nearest hundredth

Answer 1

5%

Explanation:

Answer 2

`\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &\$450\\ P=\textit{original amount deposited}\to& \$3000\\ r=rate\to r\%\to (r)/(100)\\ t=years\to &3 \end{cases} \\\\\\ 450=3000r3\implies \cfrac{450}{3000}=3r\implies \cfrac{3}{20}=3r\implies \cfrac{1}{20}=r \\\\\\ r\%=\cfrac{1}{20}\cdot 100\implies r=\stackrel{\%}{5}`