Maria has a savings account that is earning simple interest. If she started with $200 in the account and has earned a total of $8 in interest in two years, what is the rate of the account?

The rate of the interest for savings account is: 2%

Step-by-step explanation:

Simple interest is given by the formula

Here

I is the interest,

P is the principal amount

r is the interest rate

and

t is the time period in years

Now, it is given that

P = $200

I = $8

t = 2 years

Putting the values in the formula

Converting into percentage

r = 2%

Hence,

The rate of the interest for savings account is: 2%

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step-by-step explanation:

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