tayjohnson0042
tayjohnson0042 tayjohnson0042
  • 25-09-2018
  • Mathematics
contestada

Find the interest rate r for an investment of $1200 that earned $66 in interest for one year.

Respuesta :

JackelineCasarez JackelineCasarez
  • 04-10-2018

Given

investment = $1200  

earned in interest = $ 66

Time =  one year

Find out the interest rate .

To proof

FORMULA

[tex]Simple\ interest =\frac{Principle \times Rate\times Time}{100}[/tex]

here

Principle =$ 1200

Simple interest =$66

Time = 1 year

put these value in the above formula

we get

[tex]Rate =\frac{66 \times100 }{1200}[/tex]

Rate = 5.5 %

The interest rate is 5.5 %

Hence proved


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