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Troy Ulman received his annual savings account statement, showing $78.75 in interest. If his savings account balance was $2,100 at the beginning of the year, what is his annual interest rate? 3% 0.03%
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Troy Ulman received his annual savings account statement, showing $78.75 in interest. If his savings account balance was $2,100 at the beginning of the year, what is his annual interest rate?

3%

0.03%

0.375%

3.75%

User Scott Sauyet
by
8.2k points

1 Answer

5 votes
Answer is 3.75%

3.75% = 0.0375

0.0375 + $2,100 = $78.75

User Trung Phan
by
7.3k points
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