Question 5) Jon investad \( \$ 1020 \) into a savings account for 39 weeks. He earned \( \$ 40.20 \) in intereat. A. What was the interest rate as a percent?

To find the interest rate as a percent, you can use the formula for simple interest: \( I = P \times r \times t \). Where \( I \) is the interest earned (\$40.20), \( P \) is the principal amount (\$1020), and \( t \) is the time in years. Since 39 weeks is approximately 0.75 years, you set up the equation: \( 40.20 = 1020 \times r \times 0.75 \). Solving for \( r \) gives you \( r = \frac{40.20}{1020 \times 0.75} \), which results in approximately \( 0.052 \). So, multiplying by 100 gives an interest rate of about \( 5.2\% \). Now, here's a fun fact: Did you know that interest rates have been around since ancient times? The Babylonians, as early as 3000 BC, had a system for lending and borrowing with interest—making it one of the world’s oldest economic concepts! If you're interested in maximizing your savings, consider diversifying your accounts! Don’t just let your money sit in one place. Research different savings accounts or even investment opportunities that might offer a higher return. Every little bit helps when it comes to growing your money!