Calculate the interest rate when the principal is $300 and interest earned is $40 after 3
1 answer:
Answer:
4.4%
Step-by-step explanation:
solution:
principal (p) = $300
time(t) = 3 years
interest (I ) =$40
rate (r) = ?
we know that,
I = (PTR)/100*
OR, 40 = (300 *3 * R)/100
or, 40 = (900R)/100
or, 40 = 9R
or, 40/9 = R
or, R = 4.4%
Rate(r) =4.4%
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