The simple interest formula is A=P(1+r)t squared where P represents the amount origionally deposited, r is the interest rate, and A is the account after t years.
Find r if A=2700, P=2300 and t=5
Express r as a pecentage to one decimal place (x.x%)
A = P(1+r)t
A = P + Prt
2700 = 2300 + 2300 (r)(5)
2700 = 2300 + 11500r
400 = 11500 r
r = 0.03478 = or 0.035
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