Question

Taylor wants to figure out how much interest she will earn if she keeps $500 in her savings account for 2 years at a simple annual interest rate of 3%. She has already entered the principal and time into the I = Prt formula, but isn’t sure how to enter the interest rate. Fill it in for her.

Answer 1

0.03 or .03 (Both are the same)

Explanation:

This is because we changed the percent to a decimal by moving the decimal point two times to the left.

Answer 2

.03 is the correct answer

Explanation: