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 %?

asked Jun 2, 2023 96.6k views

7 votes

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
%?

by MrKew

6.1k points

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13 votes

Answer:

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

Scottb answered Jun 8, 2023

5.8k points

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