Question

Find the rate if a principal of $1,275 earned $969 interest in 8 years ​

Answer 1

9.5 is the rate percent at which the interest had been earned

Answer 2

The rate was 0.095, or 9.5%

Explanation:

We'll assume that this situation involves simple interest, for which the formula is

i = p*r*t.

Then:

$969 = $1275*r*8.

Dividing both sides by [$1275*8], we get:

$969

-------------- = 0.095

$1275*8

The rate was 0.095, or 9.5%