Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.
Sagot :
To determine the rate of interest [tex]\( r \)[/tex], we can use the formula for simple interest:
[tex]\[ I = P \times r \times t \][/tex]
where:
- [tex]\( I \)[/tex] is the interest,
- [tex]\( P \)[/tex] is the principal amount,
- [tex]\( t \)[/tex] is the time period,
- [tex]\( r \)[/tex] is the rate of interest.
Given:
- [tex]\( I = 340 \)[/tex] dollars,
- [tex]\( P = 1,000 \)[/tex] dollars,
- [tex]\( t = 8 \)[/tex] years.
We need to solve for [tex]\( r \)[/tex]. Rearrange the simple interest formula to solve for [tex]\( r \)[/tex]:
[tex]\[ r = \frac{I}{P \times t} \][/tex]
Substitute the given values into the formula:
[tex]\[ r = \frac{340}{1,000 \times 8} \][/tex]
Calculate the value inside the fraction:
[tex]\[ 1,000 \times 8 = 8,000 \][/tex]
Thus,
[tex]\[ r = \frac{340}{8,000} \][/tex]
Simplify the fraction:
[tex]\[ r = 0.0425 \][/tex]
To express the rate as a percentage, multiply by 100:
[tex]\[ r \times 100 = 0.0425 \times 100 = 4.25\% \][/tex]
Therefore, the correct rate of interest [tex]\( r \)[/tex] is:
[tex]\[ \mathbf{4.25\%} \][/tex]
[tex]\[ I = P \times r \times t \][/tex]
where:
- [tex]\( I \)[/tex] is the interest,
- [tex]\( P \)[/tex] is the principal amount,
- [tex]\( t \)[/tex] is the time period,
- [tex]\( r \)[/tex] is the rate of interest.
Given:
- [tex]\( I = 340 \)[/tex] dollars,
- [tex]\( P = 1,000 \)[/tex] dollars,
- [tex]\( t = 8 \)[/tex] years.
We need to solve for [tex]\( r \)[/tex]. Rearrange the simple interest formula to solve for [tex]\( r \)[/tex]:
[tex]\[ r = \frac{I}{P \times t} \][/tex]
Substitute the given values into the formula:
[tex]\[ r = \frac{340}{1,000 \times 8} \][/tex]
Calculate the value inside the fraction:
[tex]\[ 1,000 \times 8 = 8,000 \][/tex]
Thus,
[tex]\[ r = \frac{340}{8,000} \][/tex]
Simplify the fraction:
[tex]\[ r = 0.0425 \][/tex]
To express the rate as a percentage, multiply by 100:
[tex]\[ r \times 100 = 0.0425 \times 100 = 4.25\% \][/tex]
Therefore, the correct rate of interest [tex]\( r \)[/tex] is:
[tex]\[ \mathbf{4.25\%} \][/tex]
Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.