Cookies are required for login! Check our privacy consent banner for more details.
Nicole had $7,424.24 in a savings account with simple interest. She had opened the account with $7,004 exactly 3 years earlier. What was the interest rate?
The interest over 3 years is $420.24 which is $140.08 per year
therefore the rate per year is
140.08/7004 = .02 and this is 2%