Question

You put $12,000 in a bank account for 4 years and earn $960. What was the interest rate?

Answer 1

Answer:

2%

Step-by-step explanation:

960 / 4 = 240

240 / 12000 = .02 = 2%

Reverse engineering:

12000 times .02 = 240

240 times 4 years = 960