after 2 years, $300 deposited in a savings account with simple interest had earned $54 in interest. what was…

after 2 years, $300 deposited in a savings account with simple interest had earned $54 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 2 years, $300 deposited in a savings account with simple interest had earned $54 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 values

We know that $p = 300$, $t=2$, and $i = 54$. The formula is $i = prt$.

Step2: Solve for $r$

Rearrange the formula $i = prt$ to $r=\frac{i}{pt}$. Substitute $p = 300$, $t = 2$, and $i=54$ into the formula: $r=\frac{54}{300\times2}$.

Step3: Calculate $r$

$300\times2 = 600$, so $r=\frac{54}{600}=0.09$.

Answer:

$9%$