The interest rate is 3.5%.
EXPLANATION
We substitute the given values into the formula;

to obtain

We divide through by 6000 to obtain,

This implies that,

We take the square root of both sides,

This gives us,

Add -1 to both sides of the equation to obtain

Multiply through by 100 to obtain;

%
20/q = 7/9
20×9 = 7q
7q = 180
q = 180/7
Answer:
$4.80
Step-by-step explanation:
Make a proportion
$12 for 2.5 pounds, and $x for 1 pound
12/2.5=x/1
x/1 is equivalent to x
12/2.5=x
Divide
x=4.8
So, one pound of peanuts costs $4.80