Show work for.

A principal of $5000.00 was invested in a saving account 4 years. if the interest earned for the period wass $400.00 what was the interest rate?

We'll be glad to check your work.

To determine the interest rate, we need to use the formula for simple interest:

Simple Interest = Principal x Interest Rate x Time

In this case, we have the following information:

Principal = $5000.00
Interest = $400.00
Time = 4 years

Substituting the given values into the formula, we get:

$400.00 = $5000.00 x Interest Rate x 4

Now, let's solve for the interest rate:

Divide both sides of the equation by $5000.00 x 4:

$400.00 ÷ ($5000.00 x 4) = Interest Rate

Simplifying the equation:

$400.00 ÷ $20,000.00 = Interest Rate

0.02 = Interest Rate

To express this as a percentage, we multiply by 100:

0.02 x 100 = 2%

Therefore, the interest rate is 2%.