3 years ago

If $7,500 investment earns $450 over 3 years what's the interest rate

Mathematics

1 answer:

tester [92]3 years ago

3 0

Answer:

Rate is 2%

Step-by-step explanation:

Step one:

given data

Principal= $7500

Simple interest= $450

time=3 years.

Applying the simple interest formula which is

SI=PRT/100

Step two:

substitute we have

450=7500*R*3/100

cross multiply we have

45000=22500R

divide both sides by 22500

R=45000/22500

R=2%

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