SOLUTION: Ike opened a savings account with a deposit of $5,000. Three years later, he had earned a total of $450 in simple interest. If he made no additional deposits, what was the annu

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Question 828818: Ike opened a savings account with a deposit of $5,000. Three years later, he had earned a total of $450 in simple interest.
If he made no additional deposits, what was the annual interest rate on his account?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
150/5000=0.03=3%