Over the last 4 years, Michael has earned $240 interest on an initial investment of $2,000. What simple annual interest rate is the bank paying on this account?

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25-10-2017
Mathematics

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Over the last 4 years, Michael has earned $240 interest on an initial investment of $2,000. What simple annual interest rate is the bank paying on this account?

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tejanoajet tejanoajet · Answer 1 · 2017-10-26T15:18:31+02:00

tejanoajet tejanoajet

26-10-2017

Important variables to know:

I = interest
P = principal (investment)
R = simple interest rate
T = years

Formula: I = PRT

What information do we have?
I = $240
P = 2000
T = 4 years
R = ?

Plug into formula:
240 = 2000(R)4
Multiply right side 2000*4

240 = 8000R
Divide both sides by 8000.

R = 240/8000
R = .03

The simple annual interest rate was .03 or 3%.

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Аноним Аноним · Answer 2 · 2019-01-24T20:25:25+01:00

Аноним Аноним

24-01-2019

Answer:

its 3% or 0.3

Step-by-step explanation:

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