Ask Question
5 November, 17:28

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

+2
Answers (1)
  1. 5 November, 20:36
    0
    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 = 400*r*3/4

    r = 0.06

    so the annual interest rate is 0.06 or 6%.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “You put $400 in a account. The account earns $18 simple interest in 9 months. What is the annual interest rate? ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers