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user100 [1]
3 years ago
10

Find the annual interest rate.

Mathematics
1 answer:
slega [8]3 years ago
8 0

The annual interest rate is 3.5%.

Solution:

Given Interest (I) = $26.25

Principal (P) = $500

Time (t) = 18 months

Rate of interest (r) = ?

Time must be in years to find the rate per annum.

1 year = 12 months

Divide the time by 12.

Time (t) = \frac{18}{12}=\frac{3}{2} years

Now, find the rate of interest using simple interest formula.

<u>Simple interest formula:</u>

$I=\frac{Prt}{100}

$26.25=\frac{500\times r\times \frac{3}{2} }{100}

$26.25\times 100 =500\times r\times \frac{3}{2}

$2625 =250\times r\times 3

$2625 =750\times r

$\Rightarrow r=\frac{2625}{750}

⇒ r = 3.5%

Hence the annual interest rate is 3.5%.

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