Question

Rita deposited $500 in a savings account earning simple interest.She made no other deposits or withdrawals.After 3 years,the account is worth $533.75.What is the interest rate on the account

Answer 1

The interest rate is $11.25 per year.

Explanation:

You divide $33.75 (the money added from interest) by 3 and you get $11.25

: )

Answer 2

Interest rate is 2.25%

Explanation:

Formula: I = P.r.t

so rate + I/P/t