Question

$200 in the account and has earned a total of $8 in interest in two years, what is the rate of the account?

Answer 1

I = PRT is the original formula, but since we are looking for R, we can change it to :
I/PT = R
I = 8
P = 200
T = 2
now we sub
I /PT = R
8/(200)(2) = R
8/400 = R
.02 = R -- change to percent
2% = R

Answer 2

thanks so much !!
(:

Answer 3

sure thing :)