Question

PLEASE HELP!!

I dont understand stand how it works...
if possible, please explain how you got your answer.

Thanks!!​

Answer 1

C. 2.84%

Explanation:

We are trying to figure out how much money will be made from the interest each year in percentage form so to set up the problem we need to first find the earnings from this year: 2,056.72 - 2,000 = 56.72

Then we will put 2,000 below that because that was the original full account deposit used to make the interest. 100 automatically goes on the other side because it is the full value of the percentage. Then solve the equation.

56.72 X

--------- = -------

2,000 100

To solve for X start by multiplying the diagonal numbers, in this case 56.72 and 100. Then divide by the remaining number, 2,000.

I hope this helps a little :)