A family deposited $8000 into an accout 6 years ago. the total interest earned is $1200. what is the yearly rate?

Question

I know the formula I+prt but i keep getting 40% and I know thats wrong

Answer 1

I=prt

1200=8000*r*6

1200=48,000*r

1200/48,000=r

12/480=r

1/40=r

r=0.025=2.5% (1 divided by 40 is 0.025)

or, 1(2.5)/40(2.5)=2.5/100=2.5%