Answer:
The interest rate the bank gave Deonte is 6.5%.
Solution:
Given, Deonte invested 200000 at his bank for 10 years
He earned 130000
We have to find what was the interest rate the bank gave him.
Now we know that, simple interest [tex]=\frac{\text {amount} \times \text {rate} \times \text {time}}{100}[/tex]
So, by substituting our values in above formula,
[tex]130000=\frac{200000 \times \text { rate } \times 10}{100}[/tex]
Interest rate [tex]\times[/tex] 20000 = 130000
Interest rate [tex]\times[/tex] 2 = 13
[tex]\text { Interest rate }=\frac{13}{2}=6.5 \%[/tex]
Hence, the interest rate given by bank is 6.5% to Deonte.
