Question

Alberto invests his $90 for 2 years at r % per year simple interest.

At the end of 2 years the amount of money he has is $99.
Calculate the value of r.

Answer 1

rate=55 percent

Explanation:

SI=PRT

p=90

r=?

t=2

si=99

R=SI÷PT

R=99÷90×2

r=99÷180=0.55

r=0.55×100

R=55%