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olga nikolaevna [1]
3 years ago
10

Natalie earned $200 in interest and 30 months with a beginning balance of $1040. What was her interest rate?

Mathematics
1 answer:
rjkz [21]3 years ago
5 0

The interest rate is 7.69%

Step-by-step explanation:

Given

Interest = $200

Time = t = 30 months

Time will be converted into years as the rate is applied yearly

So,

1 year = 12 months

30 months = 30/12 years = 2.5 years

Principal amount  = $1040

The formula for interest is:

I  = P*r*t

Putting the values

200 = 1040 * r * 2.5\\200 = 2600r\\r = \frac{200}{2600}\\r = 0.076923

Converting into percentage:

r = 7.6923

Rounding off to nearest hundredth

r = 7.69%

Hence,

The interest rate is 7.69%

Keywords: Interest, percentage

Learn more about interest at:

  • brainly.com/question/899976
  • brainly.com/question/884169

#LearnwithBrainly

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