Raul wants to put wood shavings in his rabbit cage. The floor of the cage measures 1 yard wide by 5 feet long. One bag of shavin
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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) = years
Now, find the rate of interest using simple interest formula.
<u>Simple interest formula:</u>
⇒ r = 3.5%
Hence the annual interest rate is 3.5%.
Answer:
Step-by-step explanation:
Isolate for
:
Substitute :
Isolate for
:
For
Substitute
The solution to the system of equations are:
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