Question

Diana invested $3000 in a 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 is rate and t is time. Enter your solution in decimal form rounded to the nearest hundredth. For example, if your solution is 12%, you would enter 0.12.

Answer 1

0.05

Explanation:

Answer 2

Given that:
I=PRT
the interest rate that Diana earned will be found as follows:
I=$450
P=$3000
R=?
T=3 years
thus
450=3000×R×3
R=450/(3000×3)
R=0.05
the rate of interest is 0.05