Answered

Jacob invested $300 in a savings account and earned $81 in interest at the end of 9 years.


What was the interest rate?


A.

3%


B.

3.5%


C.

4%


D.

4.5%

Verified Answer :

heyDB

r = (1/t)(A/P - 1)

r = (1/9)((300/81) - 1)
Reduce the expression by cancelling the common factors.
r=(1/9)(100/27−1)

Combine 100/27 and −1 using a common denominator.
r=(1/9)(100−1⋅27/27)

Simplify the numerator.
r=(1/9)(73/27)

r = 0.30041152

converting r decimal to a percentage
R = 0.30041152 * 100 = 30.0412%/year

A. 3%

karleefetters

Answer:

3%

Step-by-step explanation:

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