You saved 850$ from your summer job last summer. You put it in a account that earns simple interest each month. After 9 Months your account is worth 1,003$. What percent interest did you earn each month?
Interest earned=$1003−$850=$153 Principal=$850 Time=9 months Rate=Interest per month
Use the formula to solve for interest: (Interest)=(Principal)×(Rate)×(Time) 153 = 850 × R × 9 Simplify. 153 = 7650 × R Divide both sides by 7650. 0.02 = Rate She earned 2% interest each month.
