Question

Simon invested $1550 at 6.5% interest. He earned $302.25 interest at the end of t years. What is the value of t? A. 1 B. 3 C. 6 D. 9

Second Question
Lily invested $750 in a savings account and earned $225 in interest at the end of 5 years.

What was the interest rate?

A.
5%

B.
5.5%

C.
6%

D.
6.5%

Answer 1

The answer is C 6%
R = I/p*t
R = 225/750*5
R = 225/3750
R = 0.06 ---> 6%