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Andreas invested $1000 in savings account. After 4 years, the account had earned a total of $112 simple interest without any additional deposits. What was his interest rate.

Andreas invested $1000 in savings account. After 4 years, the account had earned a total of $112 simple interest without any additional deposits. What was his interest rate.
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Andreas invested $1000 in savings account. After 4 years, the account had earned a total of $112 simple interest without any additional deposits. What was his interest rate.

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User CyberMew
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1 Answer

5 votes
R = 112/1000 x 4 = 0.028 x 100 (find percentage) = 2.8%
answered
User Andrey Chernoprudov
by
7.9k points
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