Question

Amelia earned $100 on a $1000 investment with a bank for a 3-year term. what rate did the bank offer her?

Answer 1

3.33%

Explanation:

Rate = 100xSI / PxT

P = 1000

SI = 100

T = 3

Rate = 100 x 100 / 1000 x 3 = 3.33%