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Jontorya's parents put $12,340 into a Florida prepaid account to start saving for her college, after 18 years they earned $5,553 in simple interest. What was their interest rate?​

Sagot :

Lanuel

Since Jontorya's parents put $12,340 into a Florida prepaid account to start saving for her college, their interest rate is 14.9%.

Given the following data:

  • Principal = $12,340
  • Simple interest = $5,553
  • Time = 18 years

To find Jontorya's parents interest rate:

Mathematically, simple interest is given by the formula:

[tex]S.I = \frac{PRT}{100}[/tex]

Where:

  • S.I is the simple interest.
  • P is the principal amount.
  • R is the interest rate.
  • T is the time measured in years.

Making R the subject of formula, we have:

[tex]R = \frac{100S.I}{PT}[/tex]

Substituting the given parameters into the formula, we have;

[tex]R = \frac{100 \times 5553}{12340 \times 3}\\\\R = \frac{555300}{37290}[/tex]

Interest rate, R = 14.9%

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