A family deposited $8000 into an account six years ago. The account earned

simple interest at a yearly rate. So far the total interest earned is $1200. What is

the rate for the account?

Question

18 November, 08:00

+1

Answers (2)

Know the Answer?

Cordell Wilkerson · Answer 1

For this you have to ask yourself:

$1200 is what percent of $8000

$1200/$8000 = x%

0.15 = x%

0.15 x100 = 15%

The rate for the account is 15%

Sincere Gallegos · Answer 2

Use I = prt

1200 = 8000r (1)

1200/8000 = r

0.15 = r

15% = r

A family deposited $8000 into an account six years ago. The account earnedsimple interest at a yearly rate. So far the total interest earned is $1200. What isthe rate for the account?