Question

I will mark you brainliest!

Answer 1

Answer:

Rate = 10%

Step-by-step explanation:

We are given with the following details.

Interest earned = $ 116.25

Principal = $ 1550

Interest Rate = r (say)

Time = 9 months

         = $\frac{9}{12} years$

We are asked to determine the rate of interest for which we can earn 116.25 interest. As we are not specifically given whether it is a compound or simple interest , we assume it to be simple interest and solve .

The formula for simple interest is given as

$Interest = Principal \times Rate \times time$

$116.25=1550 \times r \times \frac{9}{12}$

$r= \frac{116.25 \times 12}{1550 \times 9}$

r=0.1

Hence the r = 0.1

Hence the rate of interest is 10%