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2 years ago

You put $400 in an account. The account earns $18 simple interest in nine months. What is the annual interest rate

Mathematics

1 answer:

chubhunter [2.5K]2 years ago

7 0

Answer:

Step-by-step explanation:

Simple Interest formula:

S.I=P×R×T/100

where

S.I is simple interest

P is principle amount

R is Annual interest rate

T is time period

[usually represented as (number of months)/12]

$18=$400×R/100×9/12

simplify

$18=$3600R/1200

$18=$3R

so R=$18/$3

Therefore,

The Annual Interest Rate is 6%

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Answer:

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3 years ago

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