Tammy deposited $520 in the bank account that earns simple interest every year after 5 years she had earned $156 and interest if no money was deposited into or withdrawn from the account what was the annual interest rate

6%.

Step-by-step explanation:

We have been given that Tammy deposited $520 in the bank account that earns simple interest every year after 5 years she had earned $156.

To find the interest rate we will use simple interest formula.

I= Interest.

P= Principal amount.

r=Annual interest rate (in decimal form).

T= Time in years.

We have been given that I=156, T=5, P=520

Upon substituting our values in above formula we will get,

Let us multiply 0.06 by 100 to convert annual interest rate in percentage.

Therefore, the annual interest rate was 6%.

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step-by-step explanation:

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