Answer:
approximately 5%
Explanation:
To find the interest rate, you can use the formula for simple interest:
\[ \text{Interest} = P \times r \times t \]
where:
- \( P \) is the principal amount (\$9500),
- \( r \) is the interest rate,
- \( t \) is the time in years (19 months converted to years is \( \frac{19}{12} \)).
The given interest is $900.
\[ 900 = 9500 \times r \times \frac{19}{12} \]
Now, solve for \( r \):
\[ r = \frac{900}{9500 \times \frac{19}{12}} \]
\[ r \approx 0.05 \]
To express this as a percentage and round to the nearest hundredth:
\[ r \approx 5\% \]
Therefore, the interest rate needed for $9500 to earn $900 in 19 months is approximately 5%.