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l=$45, P=$600, t=2 years What is the annual interest rate?

Sagot :

absor201

Answer:

The interest rate required to  accumulate simple interest of $ 45.00  from a principal of $600.00  over 2 years is 3.75% per year.

Step-by-step explanation:

Given

l = $45

P = $600

t = 2 years

To determine

What is the annual interest rate = r = ?

Using the Simple Interest Formula

I = Prt

r = I/Pt

substituting l = 45, P = 600 and t = 2 years

r = 45 / ( 600 × 2 )

  = 0.0375

converting r decimal to a percentage = 0.0375 * 100 = 3.75% per year

Thus, the interest rate required to  accumulate simple interest of $ 45.00  from a principal of $600.00  over 2 years is 3.75% per year.

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