Question

Steve put $500 into a savings account. At the end of one year, he had earned $30 in interest. What interest rate was the bank paying?

Answer 1

0.06

Explanation:

The answer is 6% because 0.06 is equivalent to 0.06.

Answer 2

The answer is 0.06% and if you round to the nearest whole percent it would be 6%

Explanation: