precious360 precious360

10-04-2020
Mathematics

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Your savings account earns simple interest. You put in $400 2 years ago and have earned $40 in interest. What is the interest rate?

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dylanlynn0815 dylanlynn0815

10-04-2020

Answer: 5% by year

Step-by-step explanation:

You earned 40 bucks in 2 years so divide that by 2 and you get 20 bucks.

You put in 400 dollars and earned 20 bucks per year which is 5% of 400.

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