josie had $2,080 in a savings account with simple interest. she had opened the account with $2,000 exactly 1…

josie had $2,080 in a savings account with simple interest. she had opened the account with $2,000 exactly 1 year earlier. 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.

josie had $2,080 in a savings account with simple interest. she had opened the account with $2,000 exactly 1 year earlier. 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: Calculate the interest earned

The interest earned $i$ is the final amount minus the principal. So $i = 2080 - 2000=80$.

Step2: Identify the principal and time

The principal $p = 2000$ and the time $t = 1$ year.

Step3: Solve for the interest rate $r$

Using the formula $i = prt$, we substitute the known values: $80=2000\times r\times1$. Then $r=\frac{80}{2000}=0.04$.

Step4: Convert the decimal to a percentage

To convert the decimal $r = 0.04$ to a percentage, we multiply by 100. So $r = 0.04\times100 = 4%$.

Answer:

4%