4 years ago

Do you know how to solve this problem?

Mathematics

1 answer:

zloy xaker [14]4 years ago

3 0

It's a graph it's a the answer is a

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The average weight, in ounces, of a baby for the first six months of life can be estimated using the equation y = 6x + 120, wher

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Find the annual interest rate.

slega [8]

The annual interest rate is 3.5%.

Solution:

Given Interest (I) = $26.25

Principal (P) = $500

Time (t) = 18 months

Rate of interest (r) = ?

Time must be in years to find the rate per annum.

1 year = 12 months

Divide the time by 12.

Time (t) = $\frac{18}{12}=\frac{3}{2}$ years

Now, find the rate of interest using simple interest formula.

<u>Simple interest formula:</u>

$$I=\frac{Prt}{100}$

$$26.25=\frac{500\times r\times \frac{3}{2} }{100}$

$$26.25\times 100 =500\times r\times \frac{3}{2}$

$$2625 =250\times r\times 3$

$$2625 =750\times r$

$$\Rightarrow r=\frac{2625}{750}$

⇒ r = 3.5%

Hence the annual interest rate is 3.5%.

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