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8 October, 21:11

Mary wants a dress that costs $450 for He prom. So far, she has saved $275 and put it in a saving account for 1.5 years. What is the approximate interest rate must she earn to have $450 by prom?

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  1. 8 October, 21:23
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    the person would need to have at lest a 15 ercent interest
  2. 8 October, 21:35
    0
    Use the equation i = prt

    p is the initial amount

    r is the interest rate

    t is the number of years in decimal form

    i is the total amount

    1) Set up the equation as 450 = (275) (r) (1.5)

    2) Solve for r

    Your answer comes out to be 1.09, or 9%.
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