Diana invested $3000 in a savings account for 3 years. She earned $450 in interest over that time pe

Discussion in 'Calculator Requests' started by math_celebrity, Jan 16, 2017.

  1. math_celebrity

    math_celebrity Administrator Staff Member

    Diana invested $3000 in a savings account for 3 years. She earned $450 in interest over that time period. What interest rate did she earn? Use the formula I=Prt to find your answer, where I is interest, P is principal, r is rate and t is time. Enter your solution in decimal form rounded to the nearest hundredth. For example, if your solution is 12%, you would enter 0.12.

    Our givens are:
    • I = 450
    • P = 3000
    • t = 3
    • We want r
    450 = 3000(r)(3)
    450 = 9000r

    Divide each side by 9000
    r = 0.05

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