Question

Jason invests money in an account paying simple interest. He invests $160 and no money is added or removed from the investment. After one year, he has $164.80. What is the simple percent interest per year?

Answer 1

The answer is 3%

Explanation:

1.) $160 divided by $164.80 = 1.03

2.) 1.03 x 100 = 103

3.) 103 - 100 = 3

4.) 164.80 - 160 = 4.80

5.) 4.80 divided by 160 = 0.03

6.) 0.03 x 100 = 3%

Answer 2

Answer: 1.03% Explanation: Divide the amount of money after 1 year by his original investment.