Julio invested $2,000 in a simple interest account for 3 years.She had earned $150 in interest by the end. What is the simple interest rate of the account?
Accepted Solution
A:
The formula is R=I/pt R interest rate? I interest earned 150 P principle 2000 T time 3 years R=150Γ·(2,000Γ3) R=0.025 Γ 100 R=2.5%