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Mary wants a dress that costs $450 for He prom. So far, she has saved $275 and put it in a saving account for 1.5 years. What is the approximate interest rate must she earn to have $450 by prom?

Respuesta :

marmar2000
 the person would need to have at lest a 15 ercent interest
royalyellow
Use the equation i = prt
p is the initial amount
r is the interest rate
t is the number of years in decimal form
i is the total amount

1) Set up the equation as 450 = (275)(r)(1.5) 
2) Solve for r 

Your answer comes out to be 1.09, or 9%.

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