Question

Yehudy invested $19.250 in a simple interest account. After 6 years and no additional deposits or withdrawals, the account balance was

$22.957.55. Find the interest rate for the account. Round to the nearest hundredth of a percent if needed

Answer 1

To find the interest rate for the account, use the simple interest formula I = P * r * t. Plug in the given values and solve for r to find the interest rate as approximately 6.19%.

Step-by-step explanation:

To find the interest rate for the account, we can use the simple interest formula:

I = P * r * t

Where:

• I is the interest earned
• P is the principal amount (initial investment)
• r is the interest rate per year
• t is the time in years

Given that Yehudy invested $19,250 and the account balance after 6 years is $22,957.55, we can plug in the values to solve for the interest rate:

22,957.55 = 19,250 * r * 6

Divide both sides by (19,250 * 6):

r = 22,957.55 / (19,250 * 6)

Therefore, the interest rate for the account is approximately 6.19% when rounded to the nearest hundredth of a percent.

Answer 2

Answer: 3.21%

Step-by-step explanation:

Interest = (1/t)(A/P - 1)