Question

Suppose you deposit $2,000 into a savings account and earn $200 in simple interest over 10 years. Which of the following would help you find the rate of interest? NEED HELPPPPPPPPPPPPP

Answer 1

B) 200 = 2,000 · r · 10

Explanation:

200 ÷ 10 = 20

20 ÷ 2,000 = 0.01 / 1%

We have the percent, 1%, so we can check that with the formula.

2,000 · 0.01 = 20

20 · 10 = 200

Therefore, your answer is B) 200 = 2,000 · r · 10