Question

Paula invests $600 at a rate of r% per year simple interest. At the end of 10 years, the total interest earned is $90. Find the value of r.

Answer 1

1.5%

Explanation:

To find Rate in Simple Interest:

R = 100 S.I / T × P

R = 100 × 90/10 × 600

R = 9/6

R = 1.5%

1.5% is the rate.