Question

Jaden deposited $9000 in a savings account with a simple interest. two years later, the account held $10,440. what is the interest rate?

Answer 1

Answer:

The interest rate is 8%

Step-by-step explanation:

Given:

amount Jaden Deposited =   $9000

Time period = 2 years

Total amount after 2 years = 10440

To Find:

The interest rate = ?

Solution:

Let the interest rate be  R

The interest rate Jaden got after 2 years  = 10440 - 9000

So the interest amount for 2 years  = 1440

Now we know that,

$\text { simple Interest }=\frac{\text { Principal } \times \text {rate of interest } \times \text { number of years }}{100}$

Substituting the known values ,

$1440 =\frac{ 9000 \times R \times 2}{100}$

$1440 =\frac{ 18000 \times R }{100}$

$1440 = 180 \times R$

$R = \frac{1440}{180}$

R = 8