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Popular Word Problems >

You deposit 200 in an account. The account earns 10 simple interest in 4 years. What is the annual interest rate?%

Solution

Y o u d e p os i t 200 in an a cco u n t . T h e a cco u n t e a r n s 10 s im pl e in t eres t in 4 ye a rs . Wha t i s t h e ann u a l in t eres t r a t e ? %

Solution

Rate : 1.25%

Solution steps

Translate the problem into an equation:

10 = 200 r \cdot 4

Solve for

r, 10 = 200 r \cdot 4 : r = 1.25%

Rate : 1.25%

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