Answer:
2.2% per year
Step-by-step explanation:
Problem:
You deposit $500 into a bank account and received $55 simple interest after 5 years. What had been the interest rate?
Result:
The interest rate was 2.2% per year.
Explanation:
Find interest rate by using the formula I = P*i*t , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years. In this example I = $55, P = $500 and t = 5 years, so
i = 55/500*5
i=0.022 = 2.2% per year
Hope it helps XD
