Question

Jude deposited 550$ into an account that earns simple interest, and after 11 years, the interest in the account was 484. What was the simple interest rate? Pls give proper explanation and not just answer, Thank u!

Answer 1

Answer: 8%

Step-by-step explanation: Rate = Interest 484 ÷ Principle (550) x Time (11), with this formula the answer is 8%.