contestada

Marcus invested $2000 in a bank account earning simple interest. The interest, I, he has after t years at an interest rate r is given by this equation.



l = 2000 rt



After 2 years, the total amount in the account was $2160. What was the annual interest rate?

Respuesta :

mhanifa

Answer:

  • 4%

Step-by-step explanation:

Given

The equation for simple interest:

  • I = 2000rt

And values

  • Total = $2160
  • t = 2
  • r = ?

Solution

Interest amount is

  • $2160 - $2000 = $160

Solving for annual interest rate

  • 160 = 2000*2r
  • 160 = 4000r
  • r = 160/4000
  • r = 0.04
  • 0.04*100% = 4%

Annual interest rate is 4%

MissShy

Answer

Given that ,

  • I = 2000rt

annual interest rate after 2yrs .

  • total = $ 2160
  • t = 2yrs
  • R = ?

Now,

interest amount is

  • $2160-$2000 = $160

Now,

annual interest rate is ;

  • 160 = 2000 × 2r
  • 160 = 4000r
  • r = 160/4000
  • r = 0.04
  • r = 0.04×100% = 4%

the annual rate of interest is 4%

Otras preguntas