Question

You deposit $750.00 in an account that earns 5% simple interest. How much interest will your money earn in 6 months? Select the best answer from the choices provided. A. $18.75 B. $37.50 C. $712.50 D. $787.50

Answer 1

7%

Explanation:

I = PRT

I = 787.50

P = 750

T = 15

now we sub and find R (the rate)

787.50 = (750)(r)(15)

787.50 = 11250r

787.50 / 11250 = r

0.07 = r

0.07 x 100 = 7% = R

answer is 7%