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1 answer:
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Answer:
1%
Step-by-step explanation:
We use the simple interest equation of A=P(1+rt).
A-the total amount with interest earned
P-the initial amount or principal
r-rate
t-time in years
We substitute the values P=6900, A=6923, and t=0.33 since 4 months divided by 12 months is 0.333 years. We then solve for r.
Our final step is to divide both sides by 0.33.
This is the decimal of the rate. We convert to a percentage by multiplying by 100. 0.01(100)=1%.