Question

Jamie earned $14 in interest on her savings account last year. What was the interest rate on her savings account?

1) 2%
2) 5%
3) 10%
4) 20%

Answer 1

To find the interest rate, we need to divide the interest earned by the amount of money in the savings account and then multiply by 100 to convert to a percentage. Unfortunately, we don't have the value of $x, so we cannot determine the exact interest rate. However, if you assume that Jamie had $140 in her savings account, the interest rate would be 10%.

Step-by-step explanation:

To find the interest rate, we need to divide the interest earned by the amount of money in the savings account and then multiply by 100 to convert to a percentage. Let's say Jamie had $x in her savings account. According to the question, Jamie earned $14 in interest.

Using the formula:

(interest / amount) * 100 = interest rate, we can calculate: ($14 / $x) * 100 = interest rate.

Unfortunately, we don't have the value of $x, so we cannot determine the exact interest rate.

Therefore, option 3) 10% cannot be confirmed to be the correct answer.

However, if you assume that Jamie had $140 in her savings account, you can calculate the interest rate:

($14 / $140) * 100 = 10%.

So, if Jamie had $140 in her savings account, the interest rate would be 10%.