Homework Help: algebra

Posted by joe blow on Tuesday, January 18, 2011 at 11:01am.

Hassan deposited $7,500 into a bank account. At the end of 3 years, the account had earned $900 in simple interest. What rate of interest did the account earn per year?

algebra - helper, Tuesday, January 18, 2011 at 4:20pm
900/3 = 300/yr
300/7500 = .04

Or
PRT = I
R = I/PT
R = 900/(7500 * 3)
R = .04 = 4%

Answer this Question

Related Questions

Math - Chris deposited $1,500 in a bank account for 2 years. The account earned...
algebra - A total of $6200 is deposited into two simple interest accounts. On ...
math - Samantha opened a savings account and deposited some money into the ...
Algebra Grade 7 - If a bank offers a savings account that pays simple interest ...
calculus - Suppose $5000 is deposited in a bank account that compounds interest ...
Math - Nico was stunned when he opened the mail. Here was a check for $322.50! ...
Math - Please check my work, thank you If $7,800 is deposited into an account ...
Calc - A person deposits money into a retirement account, which pays 7% interest...
math - Suppose $5000 is deposited in a bank account that compounds interest four...
Math - $500 was deposited into an account at the first of the year. Interest ...

For Further Reading

First Name:
School Subject:
Answer: