Question

Jacob invested $300 in a savings account and earned $81 in interest at the end of 9 years.

What was the interest rate?



A.
3%


B.
3.5%


C.
4%


D.
4.5%

Answer 1

@pooja195

Answer 2

As there's no mention of compounding, this must be simple interest. To calculate the interest earned, use

I = PV * i * n

where I is the interest earned, PV is the principal or present value, i is the interest rate, expressed as a decimal, and n is the number of years.

You know everything except i, so rearrange the equation to solve for i, and then plug in the values.

Answer 3

ok

Answer 4

c

Answer 5

Yes thats correct

Answer 6

yay