Question

Ava deposited $6,008 in a savings account with simple interest. Four years later, the account held $7,449.92. What was the interest rate?

Answer 1

Answer: 6% a year

Explanation:

r = 1441.92 / ( 6008 × 4 ) = 0.06

r = 0.06

convert your rate into a percentage

R = 0.06 * 100 = 6%/year