eerriinn4 eerriinn4

14-06-2016
Mathematics

Answered

You put $400 in a account. The account earns $18 simple interest in 9 months. What is the annual interest rate?

Verified Answer :

14-06-2016

Use the formula,
I = Prt
P = Principal amount = 400
I = interest = 18
r = annual rate
t = time in years = 9/12 = 3/4

so,
18 = 400r3/4

r = 0.06
so the annual interest rate is 0.06 or 6%.

Answer Link

2130011699 2130011699

20-03-2020

Answer:

0.06 or 6%

Step-by-step explanation:

I=Prt, so r= 1/(Pt)

T= 9 months/12 months=0.75

R=$18/($4000.75)=0.06 or 6%

Note the is times

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