Question

I really need someone to explain to me on how to solve these!! :(

Answer 1

3.7%

Explanation:

(p)principal=$3400

(t)time=9months=9÷12year=3÷4year

(i)interest=$94.50

(r)rate=?

we have

r%=i/(pt)

r%=94.50÷(3400×3÷4)

r÷100=94.50÷2550

r=0.37×100

r=3.7

required rate is 3/7%