SOLUTION: 4. Ike opened a savings account with a deposit of $4,000. Three years later, he had earned a total of $480 in simple interest. If he made no additional deposits, what was the a

SOLUTION: 4. Ike opened a savings account with a deposit of $4,000. Three years later, he had earned a total of $480 in simple interest. If he made no additional deposits, what was the a

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Question 823612: 4. Ike opened a savings account with a deposit of $4,000. Three years later, he had earned a total of $480 in simple interest.
If he made no additional deposits, what was the annual interest rate on his account?

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
480/3=160 per yr.
160/4000=$0.04=4%
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