Question

After 4 months, 4500 deposited in a savings account with simple interest had grown to a total of 4515. What was the interest rate?

Answer 1

3

Explanation:

the guy is right above me

Answer 2

Answer: 3%

Explanation:

S.I = ptr / 100

Interest = 4515 - 4500

Interest = 15

time = 4 months = 4/12 years = 1/3 years

substituting each value into the equation to find rate , we have

15 = 4500 x 1/3 x r / 100

1500 = 4500 x 1/3 x r

3(4500) = 4500r

r = 3(4500) / 4500

r = 3%