Kenneth deposited $750.00 into an account and fifteen years later, the account had earned $787.50 in interest. What simple interest rate did the account earn?

Kenneth deposited $750.00 into an account and fifteen years later, the account had earned $787.50 in interest. What simple interest rate did the account earn?

Kenneth deposited $750.00 into an account and fifteen years later, the account had earned $787.50 in interest. What simple interest rate did the account earn?

Kenneth deposited $750.00 into an account and fifteen years later, the account had earned

Question

Kenneth deposited $750.00 into an account and fifteen years later, the account had earned $787.50 in interest. What simple interest rate did the account earn?




Kenneth deposited $750.00 into an account and fifteen years later, the account had earned $787.50 in interest. What simple interest rate did the account earn?






Kenneth deposited $750.00 into an account and fifteen years later, the account had earned $787.50 in interest. What simple interest rate did the account earn?




Kenneth deposited $750.00 into an account and fifteen years later, the account had earned

texaschic101 · Answer

I = PRT (Interest = principle * rate * time

I = 787.50
P = 750
T = 15
now we sub
787.50 = 750 * R * 15
787.50 = 11250 * R -- divide both sides by 11250
787.50/11250 = R
.07 = R but this needs to be changed to a percent, so multiply it by 100
.07 x 100 = R
70% = R

check..
787.50 = 750 * .07 * 15
787.50 = 787.50

The account earned 70% simple interest rate