Intro to Solving Literal Equations and Formulas Picture Below:
1 answer:
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Answer:
The interest rate was of 0.1173 = 11.73%.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
In this problem, we have that:
So
So
The interest rate was of 0.1173 = 11.73%.