RiniyahV425465 RiniyahV425465
  • 03-11-2022
  • Mathematics
contestada

You put $400 in an account. The account earns $32 simple interest in 2 years what is the annual interest rate?

Respuesta :

CecilieV214053 CecilieV214053
  • 03-11-2022

Answer

4 %

Explanation

Given:

Principal, P = $400

Interest, I = $32

Time,T = 2 years

What to find:

Annual interest rate, R

Step-by step solution:

The simple interest formula is given by:

[tex]I=\frac{\text{PRT}}{100}[/tex]

Substituting P = 400, I = 32, and T = 2 into the formula:

[tex]\begin{gathered} 32=\frac{400\times R\times2}{100} \\ 800R=3200 \\ R=\frac{3200}{800} \\ R=4\text{ \%} \end{gathered}[/tex]

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