Question

Malik deposited $1,050 in asavings account,and it earned 241.50 in simple interest after four years.Find the interest rate on Malik savings account.

Answer 1

5.75%

Explanation:

interest: $241.50 in 4 years

$241.50/4 = $60.375/year

percent = part/whole × 100%

percent = 60.375/1050 × 100%

percent = 5.75%