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10 December, 09:02

you put $400 in an account. the account earns $18 simple intrest in 9 months. what is the anual interest rate?

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Answers (2)
  1. 10 December, 10:26
    0
    6%

    Step-by-step explanation:

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

    t = 9 months / 12 months = 0.75

    r = $18 / ($400 * 0.75) = 0.06, or 6%
  2. 10 December, 10:52
    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%
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