Question

1200 resulted $11.88 interest for 23 days. What is the interest rate

Answer 1

now, let's notice that 23 days is not even a month let alone a year, assuming there are 365 days in a year, then 23 days is really 23/365 of a year.

`\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill&\$11.88\\ P=\textit{original amount deposited}\dotfill & \$1200\\ r=rate\to r\%\to (r)/(100)\\ t=years\dotfill &(23)/(365) \end{cases}`

`\bf 11.88=(1200)(r)\left(\cfrac{23}{365} \right)\implies 11.88=\cfrac{(1200)(23)r}{365}\implies 11.88=\cfrac{27600r}{365} \\\\\\ 4336.2=27600r\implies \cfrac{4336.2}{27600}=r\implies 0.157\approx r \\\\\\ \stackrel{\textit{converting that to a percentage}}{0.157\cdot 100 \approx r}\implies \stackrel{\%}{15.7}\approx r`