carla made $1,536.12 in interest by placing $10,040 in a savings account with simple interest for 3 years…

carla made $1,536.12 in interest by placing $10,040 in a savings account with simple interest for 3 years. 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.

carla made $1,536.12 in interest by placing $10,040 in a savings account with simple interest for 3 years. 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: Rearrange the formula for r

Given $i = prt$, we solve for $r$: $r=\frac{i}{pt}$.

Step2: Substitute the given values

We have $i = 1536.12$, $p = 10040$, and $t = 3$. So $r=\frac{1536.12}{10040\times3}$.

Step3: Calculate the value of r

First, calculate $10040\times3 = 30120$. Then $r=\frac{1536.12}{30120}= 0.051$.

Step4: Convert r to percentage

To convert the decimal to a percentage, multiply by 100. So $r = 0.051\times100 = 5.1%$.

Answer:

$5.1$