Question

HELP ASAP PLEASE!!!

In the past 3 years, Hannah’s savings account has earned $90 in interest. She initially deposited $600. What simple annual interest rate is the bank paying on this account?


A. 2.7%
B. 3.5%
C. 4.0%
D. 5.0%

Answer 1

I=prt ,,90=600*3r,,,,90=1800r,,r=0.05*100,,r=5%

Answer 2

It is D. 5.0% The formula for simple interest is I=Prt
I is interest, p is amount originally deposited, r is the rate, and t is time.