We need to use the formula for simple interest which is
I= prt
Where I is the amount of money you earned or pay in interest
p is the principal, the amount you deposited or borrowed
r is the interest rate expressed as a decimal
t is time in terms of years
In this problem, I= 1,680
p= 3000
t= 8
'. r is what we are looking for.
Substituting the numbers into the simple interest formula, we get
I=. p r t
1,680=(3000)(r)(8). Multiplying
1,680= 24,000r Divide both sides by 24,000
0.07= r
So, the percentage is (0.07)(100)= 7%...
As we know 1/4 mile = 402.336 m
So, 402.336 ÷ 4 = 100.584 m
100.584 m = 0.0625 mile or 1/16 mile
Hope it helps you
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