Answer: [tex]8.76\%[/tex]
Step-by-step explanation:
The formula to find the final amount after getting simple interest :
[tex]A=P(1+rt)[/tex], 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He has just withdrawn $2,876.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
[tex](2876)=(2000)(1+r(5))\\\\\Rightarrow\ 1+5r=\dfrac{2876}{2000}\\\\\Rightarrow\ 1+5r=1.438\\\\\Righhtarrow\ 5r=0.438\\\\\Rightarrow\ r=\dfrac{0.438}{5}=0.0876[/tex]
In percent, [tex]r=0.0876\times100=8.76\%[/tex]
hence, He earned [tex]8.76\%[/tex] of interest on account.
