Question

Mika opened a bank account that earns simple interest with an initial deposit of $2,200.She made no other transactions throughout the year. At the end of the year, Mika had $2,260.50 in her account. What was the simple interest rate?

Answer 1

2.75%

Explanation:

2260.5-2200=60.5 the extra

60.5/2200=0.0275*100=2.75%