164.38 = (1 x 100) + (6 x 10) + (4 x 1) + (3/10) + (8/100)
Answer:
The annual interest rate is 6.25%
Step-by-step explanation:
We have been given that
P = $50,000
I = $9,375
t = 3 years
r = ?
The formula for simple interest is given by
Therefore, the annual interest rate is 6.25%
0.016 as a fraction is 16/1000 and in simplest form it is 2/125.
An easy way to figure out the fraction of a decimal is by the decimal places. As we can see, there are four numbers in our decimal (0.016).
The first decimal place = ones
The second decimal place = tenths
The third decimal place = hundredths
The fourth decimal place = thousandths
We stop at the thousandths place, so basically, take 16 and put it over 1000, which looks like 16/1000.
