Question

Aaliyah invests money in an account paying simple interest. No money is added or removed from the investment. To find the balance after a year, she multiplies her current balance by 1.048. What percent simple interest does the account earn per year?

Answer 1

Aaliyah's account earn's a simple interest of 4.8%.

Since Aaliyah invests money in an account paying simple interest, and no money is added or removed from the investment, and to find the balance after a year, she multiplies her current balance by 1.048, to determine what percent simple interest does the account earn per year the following calculation must be performed:

• 1 = 100
• 1.048 = X
• 1,048 x 100 = X
• 104.8 = X
• 104.8 - 100 = 4.8%

Therefore, Aaliyah's account earn's a simple interest of 4.8%.

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