Question

7. $5,000 was invested at a simple interest

rate. In 15 years, the account was worth
65 hundred dollars. What was the interest
rate?

A 0.2%
B 1.5%
C 2%
D 2.15%

Answer 1

C. 2%

Explanation:

(6500-5000) / 15 / 5000 x 100% = 1500 / 15 / 5000 x 100% = 100 / 5000 x 100% = 0.02 x 100% = 2%