anita made $280 in interest by placing $2,000 in a savings account with simple interest for 1 year. what was…

anita made $280 in interest by placing $2,000 in a savings account with simple interest for 1 year. what was the interest rate? use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

anita made $280 in interest by placing $2,000 in a savings account with simple interest for 1 year. what was the interest rate? use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer

Explanation:

Step1: Identify given values

$i = 280$, $p=2000$, $t = 1$

Step2: Rearrange the formula for $r$

$r=\frac{i}{pt}$

Step3: Substitute values

$r=\frac{280}{2000\times1}=\frac{280}{2000}=0.14$

Step4: Convert to percentage

$r = 0.14\times100%=14%$

Answer:

$14$