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Kevin deposited $7,030 in a savings account with simple interest. One year later, the account held $7,170.60. What was the interest rate?

Respuesta :

Answer:

2%

Step-by-step explanation:

Simple Interest means that it is calculated ONCE on the original amount in the account.  

To figure out the rate of interest:

1.  Figure out how much actual interest was earned by taking the balance in the account NOW less the amount originally put in.  So $7170.60 - $7030 = 140.60.

2.  Divide the 140.60 by the original amount:   140.60 / 7030 = .02 or 2%

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