The annual interest rate is 3.5%.
Solution:
Given Interest (I) = $26.25
Principal (P) = $500
Time (t) = 18 months
Rate of interest (r) = ?
Time must be in years to find the rate per annum.
1 year = 12 months
Divide the time by 12.
Time (t) = years
Now, find the rate of interest using simple interest formula.
<u>Simple interest formula:</u>
⇒ r = 3.5%
Hence the annual interest rate is 3.5%.
The equation of the line is x = 7 which is parallel to the y-axis and passes through the point (7,0)
<h3>What is a straight line?</h3>A straight line is a combination of endless points joined on both sides of the point.
The slope 'm' of any straight line is given by:
We have:
The line that is parallel to the y-axis and passes through the point (7,0)
As we know the line equation:
Parallel to the y-axis
x = c
Passes through the point (7,0)
x = 7
Thus, the equation of the line is x = 7 which is parallel to the y-axis and passes through the point (7,0)
Learn more about the straight line here:
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