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A bank offers simple interest on a certificate of deposit.Jamie invests $500 and after one year earns $40 in interest.What was the interest rate on the certificate of deposit?

A bank offers simple interest on a certificate of deposit.Jamie invests $500 and after one year earns $40 in interest.What was the interest rate on the certificate of deposit?
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3 votes
A bank offers simple interest on a certificate of deposit.Jamie invests $500 and after one year earns $40 in interest.What was the interest rate on the certificate of deposit?

asked
User Alex Baban
by
8.7k points

1 Answer

0 votes
i=prt
40=500r*1
now you have to isolate the r
so
40/500=500r/500
r=0.08
now convert it into %
8% ir your rate
answered
User Grgvn
by
7.7k points
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