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A $6000 investment earns $690 annual simple interest in one year. What is the annual interest rate? 10.5% 11% 11.5% 12%
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1 vote
A $6000 investment earns $690 annual simple interest in one year. What is the annual interest rate?

10.5%

11%

11.5%

12%

User Louisth
by
8.0k points

2 Answers

6 votes
690/6000 = 0.115
0.115 X 100 = 11.5%

Answer is 11.5%
User Martin Moene
by
7.7k points
4 votes
The answer would be 11.5%.
6000 x .115 = 690
User Igor S
by
7.8k points
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