FarzanX421748 FarzanX421748

03-11-2022
Mathematics

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Kelly opened a simple interest account with deposit of $2200. At the end of 4 years, the balance of the account was $2200. What is the annual interest rate on the account.

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LyaR70843 LyaR70843

03-11-2022

The simple interest formula is:

I = P R T, where I is the interest earned, P is the principal, R is the insterst per year and T is the time in years

If the initial deposit is $2,200 and after 4 years the balance is still $2,200, then the interest rate is zero

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