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You deposit $2,000 in an account. The account earns $600 simple interest in 8 years. What is the annual interest rate? Round your answer to the nearest whole percent.

You deposit $2,000 in an account. The account earns $600 simple interest in 8 years. What is the annual interest rate? Round your answer to the nearest whole percent.
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1 vote
You deposit $2,000 in an account. The account earns $600 simple interest in 8 years. What is the annual interest rate? Round your answer to the nearest whole percent.

User Green Cell
by
8.9k points

1 Answer

1 vote
$600= 30%
$2000x1.03^8
$2533.54
2533.54/2000
ansx100
127%
User Valexa
by
7.8k points
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