Answered

Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Connect with professionals ready to provide precise answers to your questions on our comprehensive Q&A platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Calculate the interest rate when the principal is $300 and interest earned is $40 after 3
years.
44%
0.44%
4.4%
444%

Sagot :

swikritiale

Answer:

4.4%

Step-by-step explanation:

solution:

principal (p) = $300

time(t) = 3 years

interest (I ) =$40

rate (r) = ?

we know that,

I = (PTR)/100*

OR, 40 = (300 *3 * R)/100

or, 40 = (900R)/100

or, 40 = 9R

or, 40/9 = R

or, R = 4.4%

Rate(r) =4.4%

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.