Stacey has earned $9 interest over the past 20 months with an initial investment of $150. What is the simple interest rate she i
s earning? Express your answer to the nearest tenth of a percent. (It wants me to use the formula I=Prt which I don't remember)
1 answer:
Answer:
3.6%
Step-by-step explanation:
We are solving the above question, using the simple interest Formula:
I = PRT
Where
I = Interest = $9
P = Principal = $150
R = Interest rate = ??
T = Time in years = 20 months
We convert this to years
12 months = 1 year
20 months = x
x = 20/12
x = 1.67 years
Hence, making R the subject of the formula
R = I/PT
R = 9/150 × 1.67
R = 9/250.5
R = 0.0359281437
Converting to percentage
R = 0.0359281437 × 100
R = 3.59281437%
R = 3.6 %
The simple interest rate she is earning is 3.6%
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