Question

You deposit $400 in an account. The account earns $18 simple interest in 9 months. What is the annual interest rate?

The annual interest rate is
%?

Answer 1

6% Ans

Explanation:

p =$400

i=18

t=9/12 = .75 year

Now

si=ptr/100

18=400*.75*r/100

1800=300r

r=1800/300

r=6% Ans