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3 years ago

Find the annual interest rate. I=$24, P=$400, t=2 years

Mathematics

2 answers:

natka813 [3]3 years ago

5 0

Answer:

The annual interest rate 3%

Step-by-step explanation:

Given: I=$24 , P=$400, t=2 years

Formula: SI=PRT

where,

SI = Simple Interest (I=24)

P = Principle (P=400)

t = time period (t=2)

R = Rate of interest (R=?)

Substitute the values into formula.

24 = 400 x R x 2

R = 3%

Hence, The annual interest rate 3%

Julli [10]3 years ago

3 0

Rate = 24*100/(400*2) = 3%

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