Question

Carmen deposited $960 in a savings account with simple interest. Five years later, the account held $1,200. What was the interest rate?

Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

0.25/ 25%

Explanation:

I=prt

1200=960*x*5

1200=4800x

divide both sides by 4800

x=0.25