Respuesta :
The annual interest rate on the saving account of Xavier which is earned simple interest is 9%.
What is simple interest?
Simple interest is the amount charged on the principal amount with a fixed rate of interest for a time period. Simple interest calculated only on the principal amount.
The formula for the simple interest can be given as,
[tex]I=\dfrac{PRT}{100}[/tex]
Here, (I) is the interest amount on the principal amount of (P) with the rate of (r) in the time period of (t).
Xavier opened a savings account with a deposit of $12,000. At the end of 3 years, the account balance was $12,324.
The principal amount is $12000 and the total amount is $12324. Thus, the interest earned by the Xavier is,
[tex]I=12324-12000\\I=324[/tex]
Total time period is 3 years and the account earned simple interest. Thus, put these values in the above formula as,
[tex]324=\dfrac{(12000)R(3)}{100}\\R=\dfrac{32400}{12000\times3}\\R=9\%[/tex]
Hence, the annual interest rate on the saving account of Xavier which is earned simple interest is 9%.
Learn more about the simple interest here;
https://brainly.com/question/2294792
