Question

Plz I am really stuck on this question, your time is appreciated.

Answer 1

Answer: 0.05

Explanation:

1) Re-arrange the formula given to find the rate (r)

I = Prt

becomes r = I / Pt

Now we add in the values we know

P = 3000, t = 3 years, I = 450

r = 450 / ( 3000 × 3 )

r = 0.05 or 5% / year