After 10 months the simple interest earned annually on an investment of $6000 was $769. Find the interest rate to the nearest te

Question

m_a_m_a [10]

4 years ago

15

After 10 months the simple interest earned annually on an investment of $6000 was $769. Find the interest rate to the nearest te

nth of a percent.

Mathematics

1 answer:

Lady bird [3.3K] · Answer 1 · 2021-12-11T10:20:20+03:00

Simple interest = $769
Principal = $6000
Rate = ?
Time = 10 months (must convert to years if in months) = 10/12 = 0.833
Formula
I = prt
Substitute
769 = 6000 × r × 0.833
769 = 4998r
Divide both sides by 4998
769/4998 = 4998r/4998
0.15386 = r
(to the nearest tenth of a percent) = 0.15
Therefore, your rate is 0.15%.