Register

Over the last 4 years, Michael has earned $240 interest on an initial investment of $2,000. What simple annual interest rate is the bank paying on this account?

Over the last 4 years, Michael has earned $240 interest on an initial investment of $2,000. What simple annual interest rate is the bank paying on this account?
asked 35.7k views
5 votes
Over the last 4 years, Michael has earned $240 interest on an initial investment of $2,000. What simple annual interest rate is the bank paying on this account?

asked
User CABascourt
by
8.1k points

2 Answers

4 votes

Answer:

3%

Explanation:

answered
User Arry
by
8.6k points
5 votes
the simple interest rate was 0.3 or just 3%
answered
User Andrzej Purtak
by
7.8k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!