Register

Michael deposited $2000 into a simple interest savings account. In eight years, he has a total of $2520 in his account. What interest rate did the bank give Michael when he open…

Michael deposited $2000 into a simple interest savings account. In eight years, he has a total of $2520 in his account. What interest rate did the bank give Michael when he open…
asked 116k views
0 votes
Michael deposited $2000 into a simple interest savings account. In eight years,

he has a total of $2520 in his account. What interest rate did the bank give
Michael when he opened his account?
a. 2.5%
b. 3.75%
C. 3.25%
d. 2.25%

asked
User Manuel Otto
by
8.1k points

1 Answer

6 votes

Answer:

3.25%

Explanation:

2520/2000=1.26

1.26-1=.26

.26/8=.0325

.0325*100=3.25%

answered
User Mike Earley
by
7.2k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!