Sharon deposits $150.00 in her savings account at the bank. At the end of one year she has $156.38. What was the interest rate that Sharon earned?

Name: Sharon deposits $150.00 in her savings account at the bank. At the end of one year she has $156.38. What was the interest rate that Sharon earned?
Brand: Quizplus
Rating: 4.8 (50 reviews)

Question

Quizplus · Accepted Answer

The interest earned is $156.38 - $150.00 = $6.38. The interest rate is calculated as (Interest / Principal) * 100 = ($6.38 / $150.00) * 100 = 4.25%.

Sharon Deposits $150