PLEASE HELP ME I NEED TO DO THIS BEFORE I GO TO SLEEP AND I AM SOOO TIRED AND DO NOT UNDERSTAND HOW TO DO THIS.

1 answer:

8 0

Ok so, here goes:
simple interest: r- rate, A- amount in the end, t- time, P- principal
r = (1/t)(A/P - 1)
Putting in our numbers
r = (1/4)((21236/5309) - 1) = 0.75
r = 0.75

Converting r decimal to R a percentage
R = 0.75 * 100 = 75%/year

The interest rate required to get a total amount, principal plus interest, of $21,236.00 from simple interest on a principal of $5,309.00 over 4 years is 75% per year.

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