Question

You deposited $ 528 in a bank. After 15 years, you received $ 1,137. If simple

interest is applied, what was the interest rate? Express your answer in percent such
as 4%, 5% etc.

Answer 1

To find the interest rate for a simple interest problem, we can use the formula: Interest = Principal x Rate x Time. By plugging in the given values, we can solve for the rate. In this case, the interest rate is approximately 8.1%.

Step-by-step explanation:

To find the interest rate, we can use the formula for simple interest: Interest = Principal x Rate x Time.

In this case, the principal is $528 and the time is 15 years.

The interest is $1,137 - $528 = $609. Plugging these values into the formula, we get: $609 = $528 x Rate x 15.

Dividing both sides by $528 x 15 gives us the rate: Rate = $609 / ($528 x 15).

Calculating this expression gives us a rate of approximately 0.081 or 8.1%.

Therefore, the interest rate is 8.1%.