Question

Michael deposited $2000 into a simple interest savings account. In eight years,

he has a total of $2520 in his account. What interest rate did the bank give
Michael when he opened his account?
a. 2.5%
b. 3.75%
C. 3.25%
d. 2.25%

Answer 1

3.25%

Explanation:

2520/2000=1.26

1.26-1=.26

.26/8=.0325

.0325*100=3.25%