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13-02-2021
Mathematics

contestada

Kira invested $800 in a fund for 6 years and was paid simple interest. the total interest that she received on the investment was $240. as a percentage, what was the annual interest rate of her investment?

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rorycampbell0721 rorycampbell0721

13-02-2021

Answer:

5%

Step-by-step explanation:

$240 divided by 6 years = $40 per year.

This means that the interest rate was 40/800 = 1/20 = 5%

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