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Sean deposited $200 into an account and earned $36 in interest after 3 years. Use the formula l = prt, where l represents simple interest, p represents principal, r represents interest rate, and t represents time in years. What is the interest rate? is it A) 0.06 B) 0.6 C) 6.0 D) 60

Respuesta :

The correct option is :  A) 0.06

Explanation

The formula of Simple Interest:   [tex]I= P*r*t[/tex] , here P = Principal amount, I = amount of interest earned, r = rate of interest in decimal and t= time in years.

Given that, Sean deposited $200 into an account and earned $36 in interest after 3 years. So here, P = 200 , I = 36 and t = 3  

Plugging those values into the above formula.....

[tex]36= 200*r*3\\ \\ 36= 600r\\ \\ r= \frac{36}{600}=0.06[/tex]

So, the interest rate is 0.06

sunshinet1983

Answer:

0.06

Step-by-step explanation:

2.10 Quiz: Problem Solving

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