Question

You deposited 9500 dollars in a savings account that earns a simple intrest rate. What intrest rate do you need to be paid, if you require 9880 after 4 years?

Answer 1

1%

Explanation:

Interest gain would be 9880 - 9500 = 380 dollars

9500 * i * 4 yrs = 380

i = .01 or 1%