Malik deposited $1,050 in a savings account, and it earned $241.50 in simple interest after four years. find the interest rate on maliks savings account.

The interest rate on Malik's savings account is $5.75%.

Simple interest in interest that is earned only on the amount that is deposited and not on the interest and the amount deposited.

In order to determine the interest rate rate, divide the simple interest earned by the product of amount deposited and time.

Interest rate = Interest / (amount deposited x time)

=$241.50 / (1050 x 4)

=$241.50 / 4200

= 0.0575

= 5.75%

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