Question

Diana invested $3000 in a savings account 3 years, earned s innterest that period what She interest did she for t is rate earn? Use the formula EPt to find your over time. Enter your solution in decimal form answer where pa.rs rate and 12%, you would enter rounded to the nearest lis Forexample.tyou 0.12. hundredm 1 3

Answer 1

I = P r t r = I / P t r = $450/ $3000 (3years) r = 450 / 9000 r = .05

Answer 2

5% or 0.05

Explanation:

Diana invested $3000 in savings account 3 years. And the total interest gained by Diana is $450. Therefore,

Principal amount (P) = $3000

Time (t) = 3 years

Total interest (I) = $450

Rate (r) =r

Using the formula,

I =
`(Prt)/(100)`

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

45000 = 9000×r

r =
`(45000)/(9000)`

=5%

r = 0.05

Hence, the interest rate = 0.05