Question

Suppose you deposited ​$ 200 in a savings account 4 years ago. The simple interest rate is 2.8%. The interest that you earned in those 4 years is ​$ 22.40. Which of the following​ is/are true? r=2.8% t=200 p p=4, I=22.40

Answer 1

Step-by-step explanatioCompare the 4 choices with the givens above:

r = 2.8% (consistent with above, True)

t = 200 (not consistent with above, False)

p = 4 (not consistent with above, False)

I = $22.40 (Consistent with above, True)n:

Answer 2

(see attached for reference)

From the paragraph, we can extract the following information:

P = Principal Amount = given as $200

t = time = given as 4 years

r = interest rate = Given as 2.8%

I = interest = $22.40

Compare the 4 choices with the givens above:

r = 2.8% (consistent with above, True)

t = 200 (not consistent with above, False)

p = 4 (not consistent with above, False)

I = $22.40 (Consistent with above, True)