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Mika opened a bank account that earns simple interest with an initial deposit of $2,200. She made no other transactions throughout the year. At the end of the year, Mika had $2,260.50 in her account. What was the simple interest rate?

Respuesta :

Answer:  2.75 %

Step-by-step explanation:

Here, the Principal amount or initial amount, P = $ 2200

The Amount by getting simple interest on the amount, A = $ 2260.50

Time, t = 1 year,

Simple interest rate, r ( let)= ?

Since, The amount in Simple interest,

[tex]A = P + \frac{P\times r\times t}{100}[/tex]

⇒ [tex]2260.50 = 2200 + \frac{2200\times r\times 1}{100}[/tex]

⇒ [tex]2260.50-2200 = \frac{2200\times r\times 1}{100}[/tex]

⇒ [tex]60.50=22 r[/tex]

⇒[tex]r = \frac{60.50}{22}[/tex] = 2.75 %

Thus the simple interest rate = 2.75 %

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