Question

Jess deposited $5,000 into an account that earns simple interest. After 9 years, Jess had earned $3,150 in interest.
What was the interest rate of the account?

Answer 1

Answer:

The interest rate of Jess's account was 7%

Step-by-step explanation:

Let's recall the formula for calculating simple interest is:

A = P * (1 + rt)

A = final amount

P = initial principal balance

r = annual interest rate

t = time (in years)

Replacing with the values we know:

A =  P * (1 + rt)

8,150 = 5,000 * (1 + r * 9)

8,150/5,000 = 1 + 9r

1.63 = 1 + 9r

1.63 - 1 = 9r

0.63 = 9r

r = 063/9

r = 0.07 = 7%

The interest rate of Jess's account was 7%

Answer 2

The interest rate earned on the account where Jess deposited her money is 7%.

What is the interest rate?

The interest rate is the rate at which the account increases. Simple interest is when only the amount deposited increasees in value.

Interest rate = interest earned / (amount deposied x time)

3150 / (5000 x 9) = 7%

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