Answer
c) 6.33%
Work Step by Step
$interest=principal\times rate\times\ time$
Interest is the amount earned, \$95.
The principal is the amount deposited, \$1500.
The rate is unknown. Let r be the rate.
Time is the amount of time over which the interest is earned, 1 year.
Substitute the given values and solve for r.
$95=(1500)(r)(1)\longrightarrow$ divide both sides by 1500
$95\div1500=1500r\div1500\longrightarrow$ divide
$0.06\overline3=r\longrightarrow$ convert decimal to a percent; move decimal 2 places right
$6.\overline3\%=r$
