posted by faith on .
Jon put 1000$ into each of two different simple interest savings accounts for one year . The total intrerest earned was 5$. What could the interest rate have been for each account ?
assume $2.50 was earned from each account.
I = Po*r*t = $2.50
1000*r*1 = 2.50
1000r = 2.50
r = 0.0025 = 0.25% For each acc.