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Mariam invests money in an account paying simple interest. She invests $160 and no money is added or removed from the investment. After one year, she has $166.40. What is the simple percent interest per year? Answer: %

Mariam invests money in an account paying simple interest. She invests $160 \$ 160 and no money is added or removed from the investment. After one year, she has $166.40 \$ 166.40 . What is the simple percent interest per year?\newlineAnswer: _________% \%

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Q. Mariam invests money in an account paying simple interest. She invests $160 \$ 160 and no money is added or removed from the investment. After one year, she has $166.40 \$ 166.40 . What is the simple percent interest per year?\newlineAnswer: _________% \%
  1. Identify Investment: Identify the initial investment and the amount after one year.\newlineMariam's initial investment (principal) is $160\$160, and after one year, she has $166.40\$166.40.
  2. Calculate Interest Earned: Calculate the total interest earned after one year.\newlineInterest earned = Final amount - Initial investment\newlineInterest earned = $166.40\$166.40 - $160\$160\newlineInterest earned = $6.40\$6.40
  3. Calculate Interest Rate: Calculate the simple interest rate.\newlineSimple interest rate = (Interest earned/Initial investment)×100%(\text{Interest earned} / \text{Initial investment}) \times 100\%\newlineSimple interest rate = ($6.40/$160)×100%(\$6.40 / \$160) \times 100\%\newlineSimple interest rate = 0.04×100%0.04 \times 100\%\newlineSimple interest rate = 4%4\%

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