Question

Tammi deposited $520 into a bank account that earned simple interest each year. After 5 years, she had earned $156 in interest.

If no money was deposited into or withdrawn from the account, what was the annual interest rate?

Enter your answer in the box.

% / new questoin Gloria deposited $500 into a bank account that earned 7.5% simple interest each year. She earned $225 in interest before closing the account.

If no money was deposited into or withdrawn from the account, for how many years was the money in the account?

Round your answer to the nearest whole year.

Enter your answer in the box.

years

Answer 1

Answer:

For Tammi it is 6% interest Rate.

For Gloria it is 6 Years.

Step-by-step explanation:

Tammi:

Principal = $520

Time = 5 Years

Interest = $156

Interest Rate = Interest / (Principal x Time)

Interest Rate = $156 / ($520 x 5)

Interest Rate = $156 / $2,600

Interest Rate = 0.06

Hence Interest Rate is 6%

Gloria:

Principal = $500

Interest Rate = 7.5%

Interest = $225

Time = Interest / (Principal x Interest Rate)

Time = $225 / ($500 x 0.075)

Time = $225 / $37.5

Time = 6 Years

Hence it will take 6 Years

Answer 2

Answer:

6%

Step-by-step explanation:

We did percent and converting problems in class and we've been doing it since yesterday.

I hope this helps!