Nancy had $2,848.52 in a savings account with simple interest. She had opened the account with $2,006 exactly 3 years earlier. What was the

Question

Nancy had $2,848.52 in a savings account with simple interest. She had opened the account with $2,006 exactly 3 years earlier. What was the interest rate?

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Reagan 2 weeks 2021-10-12T13:22:03+00:00 1 Answer 0

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    2021-10-12T13:24:02+00:00

    Answer:

      14%

    Step-by-step explanation:

    A = P(1 +rt) . . . . . . . . . . . . . . . . . . formula for the balance for simple interest

    2848.52 = 2006(1 +3r) . . . . . . . filling in the given numbers

    1.42 = 1 +3r . . . . . . . . . . . . . . . . . .divide by 2006

    0.42 = 3r . . . . . . . . . . subtract 1

    0.14 = r = 14%

    Nancy’s account paid interest at 14% per year.

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