Sean deposited $200 into an account and earned $36 in interest after 3 years. use the formula l = prt, where l represents simple interest, p represents principal, r represents interest rate, and t represents time in years. what is the interest rate? is it a) 0.06 b) 0.6 c) 6.0 d) 60

The correct option is :  A) 0.06

Explanation

The formula of Simple Interest:   , here P = Principal amount, I = amount of interest earned, r = rate of interest in decimal and t= time in years.

Given that, Sean deposited $200 into an account and earned $36 in interest after 3 years. So here, P = 200 , I = 36 and t = 3  

Plugging those values into the above formula.....

So, the interest rate is 0.06