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Popular Word Problems >

marie invest 3000 dollars into a savings account. In four years, she earn a total amount of 768 dollars in interest. What is the annual interest rate offered by this account

Solution

ma r i e in v es t 3000 d o ll a rs in t o a s a v in g s a cco u n t . I n f o u r ye a rs, s h e e a r n a t o t a l am o u n t o f 768 d o ll a rs in in t eres t . Wha t i s t h e ann u a l in t eres t r a t e o ff ere d b y t hi s a cco u n t

Solution

Rate : (- 18.6%)

Solution steps

Translate the problem into an equation:

768 = 3000 (1 + r \cdot 4)

Solve for

r, 768 = 3000 (1 + r \cdot 4) : r = - 18.6%

Rate : (- 18.6%)

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