The simple interest on an investment of $6800 over 27 months is $1530.00. If the annual interest rate is r, find r as a percentage correct to one decimal place.

Question

asked Nov 22, 2024 165k views

1 Answer

Tom Castle · Answer 1 · 2024-11-25T17:23:45+0000

Answer:

Calculation: First, converting R percent to r a decimal r = R/100 = 3.875%/100 = 0.03875 per year, then, solving our equation

Explanation: