Question

Elmer deposited $2250 into a savings account that pays annual simple interest at the end of seven years he earned $157.50 in interest what is the interest rate on a savings account round to the nearest 10th of a percent

Answer 1

Answer:  1%

Work Shown:

i = P*r*t

157.50 = 2250*r*7 ... plug in given values

157.50 = 2250*7*r

157.50 = 15750r

15750r = 157.50

r = 157.50/15750 ... divide both sides by 15750

r = 0.01

The interest rate is 1%

To go from 0.01 to 1%, you move the decimal point 2 spots to the right.

Alternatively, you would multiply by 100.

Answer 2

Answer:7%

Step-by-step explanation: