Tyler put $430 in the bank one year ago and forgot about it. Today, the bank sent Tyler a statement indicating that he now has $442.90 in his account. What interest rate did Tyler earn?
A)2 percent
B)4 percent
C)3 percent
D)1 percent

Question

Quizplus · Accepted Answer

Tyler earned a $12.90 interest on his $430 deposit. To find the interest rate, divide the interest earned by the original amount and multiply by 100. So, ($12.90 / $430) * 100 = 3%.

Tyler Put $430 in the Bank One Year Ago and Forgot