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Free_Kalibri [48]

2 years ago

12

Calculate the simple interest rate. (Round your answer to one decimal place.)

1 answer:

GrogVix [38]2 years ago

8 0

Answer:R = 9.1667%/year

Step-by-step explanation:

Solving our equation

r = 330 / (3600 × 1) = 0.09166667

r = 0.09166667

converting r decimal to a percentage

R = 0.09166667 × 100 = 9.1667%/year

The interest rate required to

accumulate simple interest of $330.00

from a principal of $3,600.00

over 1 years is 9.1667% per year.

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See attachment

Required

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