Rudy invested $2460 in a money market account for 3 and 1/2 years. He earned $452 in simple interest. Which best represents the
annual interest rate?
A. 3 and 3/5 percent
B. 5 and 1/4 percent
C. 5 and 3/4 percent
D. 6 and 2/5 percent
1 answer:
Answer:
B. 5 and 1/4 percent
Step-by-step explanation:
Step one:
given
principal= $2460
time= 3 and 1/2 years= 3.5 years
SI= $452
Required
The rate
Step two:
we know that
SI= PRT/100
substituting our data we have
452= 2460*R*3.5/100
452=8610R/100
cross multiply
452*100= 8610R
divide both sides by 8610
45200/8610= R
R= 5.25%
R= 5 and 1/4 percent
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