Find the annual interest rate if i=$562.50, p=$1500, t=5 years
2 answers:
Answer:
The annual interest rate is 7.5%
Step-by-step explanation:
Given : i=$562.50, p=$1500, t=5 years
We have to calculate the annual interest rate.
We know
Interest = Principal × rate × time
Given : Interest = $562.50
Principal = $1500
Time = 5 years.
Substitute, we get,
562.50 = 1500 × rate × 5
⇒
Thus, rate = 0.075 = 0.075 × 100 = 7.5%
Thus, the annual interest rate is 7.5%
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<h3>How to illustrate the graph?</h3>From the graph, it can be seen that the only exponential function n to hat intercept the function at equal to 3 is y = e^x - 4.
Let's equate y to 0.
y = e^x - 4.
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The x intercept is located at (1.386, 0).
In conclusion, the correct option is D.
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