Mikayla opens a savings account with a principal balance of $3,000. After 5 years, she earns $450 in interest. Using the equation I=prt, where I=interest, p = principal, r=rate, and t=time.

What is the interest rate on Mikayla's account after 5 years?

Question

Cheyenne Perkins

Mathematics

25 January, 18:15

Mikayla opens a savings account with a principal balance of $3,000. After 5 years, she earns $450 in interest. Using the equation I=prt, where I=interest, p = principal, r=rate, and t=time.

What is the interest rate on Mikayla's account after 5 years?

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Answers (1)

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Jethro · Answer 1

3% is the interest rate. Using the formula I=PRT, you can simply derive the rate by putting the given numbers in.

I = 450

P = 3,000

R = ?

T = 5 Years

The equation now goes,

450 = 3,000 * R * 5

450 = 15,000 * R

450/15,000 = R

0.03 = R

multiply it by 100,

R = 3%

Mikayla opens a savings account with a principal balance of $3,000. After 5 years, she earns $450 in interest. Using the equation I=prt, where I=interest, p = principal, r=rate, and t=time.What is the interest rate on Mikayla's account after 5 years?

Mikayla opens a savings account with a principal balance of $3,000. After 5 years, she earns $450 in interest. Using the equation I=prt, where I=interest, p = principal, r=rate, and t=time.

What is the interest rate on Mikayla's account after 5 years?