Determine the equation that represents this situation and use it to decide which of the following graphs represents the amount o
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Answer:
4.38%
Step-by-step explanation:
<em>Assuming simple interest</em>, we start by writing the formula for simple interest.
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:
Now we simply plug-in the information we know and find r:
To convert into percentage, we multiply by 100:
r = 0.0438 * 100 = 4.38%