i put 4000.00 in savings. at end of 3 years the account earned 960.00 in simple interest at what simple interest rate did the account grow? please show me the work.
I = PRT
960 =4000(R)(3)
solve for R
(I got 8%)
no
no what?
To find the interest rate, we can use the formula for simple interest:
Simple Interest = (Principal * Interest Rate * Time) / 100
In this case, the principal is $4000, the interest earned is $960, and the time is 3 years.
Plugging these values into the formula, we have:
$960 = (4000 * Interest Rate * 3) / 100
Now, let's solve for the interest rate.
First, let's multiply both sides of the equation by 100 to get rid of the fraction:
96000 = 4000 * Interest Rate * 3
Next, divide both sides of the equation by (4000 * 3):
96000 / (4000 * 3) = Interest Rate
Dividing both the numerator and the denominator by 4000 * 3:
96000 / 12000 = Interest Rate
Simplifying the fraction:
8 = Interest Rate
Therefore, the account grew at a simple interest rate of 8%.