Question

Find the rate percent per annum at which birr 380 earns birr 128.25 in 7 years and 6 months?​

Answer 1

Answer:

A = $4,035.13

Step-by-step explanation:

Given: 380 earns, 128.25 in 7 years and 6 months

To find: The rate percent per annum

Formula: $A = P(1 + rt)$

Solution: I = A - P = $3,655.13

Equation:

A = P(1 + rt)

First, converting R percent to r a decimal

r = R/100 = 128.25%/100 = 1.2825 per year.

Solving our equation:

A = 380(1 + (1.2825 × 7.5)) = 4035.125

A = $4,035.13

The total amount accrued, principal plus interest, from simple interest on a principal of $380.00 at a rate of 128.25% per year for 7.5 years is $4,035.13.