Kelly deposited $4,205 in an account for 3.5 years. She earned $662.29 in interest. What interest rate did the bank pay her?
1 answer:
Answer:
r = 4.5%
Step-by-step explanation:
Formula:
I = Prt
r = I/(Pt)
Given:
I = 662.29
P = 4205
t = 3.5
Work:
r = I/(Pt)
r = 662.29/(4205 * 3.5)
r = 662.29/14717.5
r = 0.045
r = 4.5%
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