miasyriani miasyriani

15-12-2020
Mathematics

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You deposit $400 in an account. The account earns $18 simple interest in 9 months. What is the annual interest rate

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joelking345722 joelking345722

15-12-2020

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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