Question

PLEASE HELP AGAIN!! Max deposited $4,008 in a savings account with simple interest. Four years later, he had earned $641.28 in interest. What was the interest rate?​

Answer 1

4%

Explanation:

For simple interest, the equation is I = PRT, where I is the interest, P is the principal/amount invested, R is the rate as a decimal, not percentage, and T is time in years.

641.28 = (4008)(r)(4)

641.28 = 16,032r

r = 0.04 = 4%