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statuscvo [17]
3 years ago
14

Serena invests $2500 for 3 years and 6 months and earns $328.13. What was the rate of interest? Explain how you solved.

Mathematics
1 answer:
NARA [144]3 years ago
6 0

Answer:

4.38%

Step-by-step explanation:

<em>Assuming simple interest</em>, we start by writing the formula for simple interest.

SI=Prt

Where

SI is the interest amount (328.13)

P is the principal amount (2500)

r is the rate of interest (what we need to find)

t is the time, in years (t = 3)

Since we want rate of interest, we re-arrange the formula to get r in terms of the other variables. Shown below:

SI=Prt\\r=\frac{SI}{Pt}

Now we simply plug-in the information we know and find r:

r=\frac{328.13}{(2500)(3)}\\r=0.0438

To convert into percentage, we multiply by 100:

r = 0.0438 * 100 = 4.38%

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