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After 1 year, $800 deposited in a savings account with simple interest had earned $64 in
interest. What was the interest rate?
Use the formula i = prt, where i is the interest earned, p is the principal (starting amount),
is the interest rate expressed as a decimal, and t is the time in years.

After 1 year 800 deposited in a savings account with simple interest had earned 64 in interest What was the interest rate Use the formula i prt where i is the i class=

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qop

Answer:

8%

Step-by-step explanation:

We will use the equation provided to solve this problem.

[tex]I=Prt[/tex]

Lets plug in the values:

[tex]64=800x(1)[/tex]     First, divide both sides by 800.

[tex].08=x(1)[/tex]         Multiply x by 1

[tex]x = .08[/tex]

Now, we multiply .08 by 100 to get our interest rate:

(.08)100 = 8

The interest rate is 8%

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