after 1 year, $4,000 deposited in a savings account with simple interest had earned $520 in interest. what…

after 1 year, $4,000 deposited in a savings account with simple interest had earned $520 in interest. 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.

after 1 year, $4,000 deposited in a savings account with simple interest had earned $520 in interest. 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

$i = 520$, $p=4000$, $t = 1$

Step2: Rearrange the formula for $r$

The formula $i=prt$. Solving for $r$, we get $r=\frac{i}{pt}$.

Step3: Substitute values

$r=\frac{520}{4000\times1}=\frac{520}{4000}= 0.13$

Step4: Convert to percentage

To convert the decimal to a percentage, multiply by 100. So $r = 0.13\times100 = 13%$

Answer:

$13$