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Popular Word Problems >

Adele had 5,300 in a savings account with simple interest. She had opened the account with 5,000 exactly 2 years earlier. What was the interest rate?

Solution

A d e l e ha d 5, 300 in a s a v in g s a cco u n t w i t h s im pl e in t eres t . S h e ha d o p e n e d t h e a cco u n t w i t h 5, 000 e x a c tl y 2 ye a rs e a r l i er . Wha t w a s t h e in t eres t r a t e ?

Solution

Rate : 3%

Solution steps

Translate the problem into an equation:

5300 = 5000 (1 + r \cdot 2)

Solve for

r, 5300 = 5000 (1 + r \cdot 2) : r = 3%

Rate : 3%

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