Question

Amanda put $1500 in a savings account. After 5 years, she had $1833 in the account. What rate of interest did she earn? Use the formula A=Pe^rt, where A is the ending amount, p is the principle (initial amount), r is the interest rate, and t is time

Answer 1

A=Pe^rt
where:
A=amount
P=principle
t=time
r=rate
Plugging our values in the equation and solving for r we obtain:
1833=1500e^(5r)
solving for r we get:
r=0.0401
Answer: r=0.0401

Answer 2

If  she had $1833 in the account. The rate of interest she earn is 4%.

Rate of interest

Using this formula

A=Pe^rt

where

A=ending amount

p=principle (initial amount)

r = interest rate

t=time

hence

r=[In($1833)-In($1500)]/5

r=7.51-7.31/5

r=0.2/5

r=0.4×100

r=4%

Therefore the rate of interest she earn is 4%.

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