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2) Angelina is deciding which bank would give her the

best simple interest rate on a $300 deposit. One bank

says that she will have $320 in her account if she leaves

the principal for two years. Is this enough information

for Angelina to find the interest rate? Explain.


HELPPPP

Answer :

FICHOHGO

Answer:

3.33%

Step-by-step explanation:

Given that :

Final amount A= 320

Principal P = 300

Time (t) = 2 years

Yes, the information is enough to obtain the interest rate :

Using the relation :

A = P(1 + rt)

r = interest rate

320 = 300(1 + r*2)

320 = 300(1 + 2r)

320/300 = 1 + 2r

1.0666666 = 1 + 2r

1.0666666 - 1 = 2r

0.0666666 = 2r

r = 0.0666666 / 2

r = 0.0333333

(0.0333333) * 100% = 3.33%

ABIOLATAIWO2015GO

Based on the information given the interest rate is 53.33%.

Interest rate:

Amount= Principal× Interest rate ×Time/100

Let r represent the interest rate

Hence:

320 = 300×r×2 years/100

320×100/300×2=r

r=320/3×2

r=160/3

r=53.33 or 53 1/3

Inconclusion  the interest rate is 53.33%.

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