Justin deposited $2,000 into an account 5 years ago. simple interest was paid on the account. he has just withdrawn $2,876. what interest rate did he earn on the account?

Step-by-step explanation:

The formula to find the final amount after getting simple interest :

, where P is the principal amount , r is rate of interest ( in decimal )and t is time(years).

Given : Justin deposited $2,000 into an account 5 years ago.

i.e. P = $2,000 and  t= 5 years

He has just withdrawn $2,876.

i.e. we assume that A = $2876

Now, Put all the values in the formula , we get

In percent,

hence, He earned of interest on account.

*face palms*

step-by-step explanation:

no