Question

Diana invested $3000 in a saving account for 3 years. she earned $450 in interest over the time period. what interest rate did she earn? use the formula i=prt to find your answers, where i is the interest, p is the principal, r is the rate and t is the time.enter your solution in decimal form rounded to the nearest hundreds

Answer 1

R=i/pt
R=450/3000*3
R=0.05*100=5%

Answer 2

The rate of percentage is 5.00% .

Explanation:

Formula

`Simple\ interest = (Principle* Rate* Time)/(100)`

As given

Diana invested $3000 in a saving account for 3 years.

she earned $450 in interest over the time period.

Principle = $3000

Simple interest = $450

Time = 3 year

`450= (3000* Rate* 3)/(100)`

`(450* 100)/(3000* 3)= (Rate)/(100)`

`(45000)/(9000)= Rate`

Rate = 5%

Therefore the rate of percentage is 5.00% .