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?
3 (7500 r) = 900
7500 r = 300
r = .04 or 4%
Thanks sooo much Damon! :P
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thank you so much this helped me a lot.
To find the rate of interest, we can use the formula for simple interest:
Simple Interest = Principal * Rate * Time
Given that Hassan deposited $7,500 and earned $900 in interest over 3 years, we have:
900 = 7500 * Rate * 3
To solve for the rate, we need to rearrange the equation:
Rate = 900 / (7500 * 3)
Calculating this expression gives us the rate of interest per year.