SOLUTION: Steve put $500 into a savings account.At the end of one year,he earned $30 in interest.What interest rate is the bank paying?

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Question 936851: Steve put $500 into a savings account.At the end of one year,he earned $30 in interest.What interest rate is the bank paying?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
530=500%281%2Bi%29
53%2F50=1%2Bi
50%2F50%2B3%2F50=1%2Bi
i=3%2F50=6%2F100
6% interest.