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Five years ago, Ruth made a deposit of $500 into a savings account that pays simple interest. She made no further deposits, and now her account is worth $750. What was the rate of interest per year?
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Five years ago, Ruth made a deposit of $500 into a savings account that pays simple interest. She made no further deposits, and now her account is worth $750. What was the rate of interest per year?

User Parth Shah
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1 Answer

4 votes
The answer would be $50 per year.

$750-$500=$250

$250/5 years= $50 per year.
User Malte Ubl
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