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19 December, 17:25

Jacob invested $300 in a savings account and earned $81 in interest at the end of 9 years.

What was the interest rate?

A.

3%

B.

3.5%

C.

4%

D.

4.5%

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Answers (1)
  1. 19 December, 17:54
    0
    r = (1/t) (A/P - 1)

    r = (1/9) ((300/81) - 1)

    Reduce the expression by cancelling the common factors.

    r = (1/9) (100/27 - 1)

    Combine 100/27 and - 1 using a common denominator.

    r = (1/9) (100-1⋅27 / 27)

    Simplify the numerator.

    r = (1/9) (73/27)

    r = 0.30041152

    converting r decimal to a percentage

    R = 0.30041152 * 100 = 30.0412%/year

    A. 3%
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