Question

MEDAL AND FAN!
Yvonne put $4,000 into a savings account. At the end of three years, the account had earned $960 simple interest. At what simple interest rate did the account grow? Check my work

Answer 1

960 is 24% of 4000
so divide 24 by 3 to get the percentage for every year

Answer 2

look at what I said before

Answer 3

ya but that doesn't make sense because you found 24% from no were,

Answer 4

Besides, I asked u to check my work

Answer 5

i didn't find it from nowhere
I calculated it

Answer 6

ya but how, how am I supposed to know how you came up with this answer, it could be some random answer for all I know

Answer 7

If you are solving for R based on your work..

you multiply the 4000 by 3 (which is 12000)

and divide by both sides

then multiply by 100 to get a rate %

Answer 8

Here is a perfect visual .

Answer 9

ok, what I need is for someone to tell me if I should continue with my work so far or if it is not the right way to solve this equation and if so help me figure it out :)

Answer 10

@flowers4547 @iGreen @Ilovecake

Answer 11

You have the perfect set up for R.

To solve for R, just read what I wrote.

Answer 12

960=12000(r)

r=(960/12000)x 100

Answer 13

oh so 8% simple interest?

Answer 14

Well, rate, not simple interest. Your simple interest was $960.

Answer 15

oh I meant at which the simple interest rate grew

Answer 16

so am I right?

Answer 17

Yup, 8%.

Answer 18

Ok, Thank You :D