Find the rate percent per annum at which birr 380 earns birr 128.25 in 7 years and 6 months?
1 answer:
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:
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.
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