KaylahAli
contestada

Help!!!! 10 points Taking a test Micah invested $3450 in an account paying simple interest. At the end of 6
years, the value of his account was $3967.50. What was the interest rate? *
O a. 1.5%
O b. 2.0%
O c. 2.5%
O d. 15%

Respuesta :

CHERLYNnotCHERRY

Answer:

The answer is C.

Step-by-step explanation:

First, you have to find the interest amount after 6 years. In order to do this, you have to subtract :

[tex]3967.50 - 3450 = 517.50[/tex]

Next, you have to apply simple interest formula, I = (P×R×T)/100 where I repesents interest amount, P is priciple, R is interest rate and T is number of years :

[tex]i = \frac{prt}{100} [/tex]

[tex]let \: i = 517.50,p = 3450,t = 6[/tex]

[tex]517.50 = \frac{3450 \times r \times 6}{100} [/tex]

[tex]517.50 = \frac{20700r}{100} [/tex]

[tex]51750 = 20700r[/tex]

[tex] \frac{51750}{20700} = r[/tex]

[tex]r = 2.5\%[/tex]

Otras preguntas