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A principal of $3000 was invested in a savings account for 3 years. If the interest earned for the period was $450, what was the interest rate? A=P+Prt
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A principal of $3000 was

invested in a savings account
for 3 years. If the interest
earned for the period was
$450, what was the interest
rate?
A=P+Prt

User Harkirat Singh
by
3.8k points

1 Answer

7 votes
7 votes

Answer:

r = 0.05 or 5%

Explanation:

3450 = 3000 + (3000 · r · 3)

450 = 9000 · r

450/9000 = r

r = 0.05 or 5%

User Adamency
by
3.2k points
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