Question

can someone explain how to do this please? Medal

Mr.Hicks earned $21.90 by investing $3650 in a savings account earning simple interest for 3 months.

Find the annual interest rate, as a percent.

Answer 1

Do you recall any formula for simple interest from class or whatever

Answer 2

no

Answer 3

me either, i had to look it up

Simple interest = principle x rate x number of periods

SI = P x r x n

Answer 4

substitute the values in there, and solve for the rate r

Answer 5

idk the rate in this problem though? 0_0

Answer 6

21.90 = 3650 x r x (3/12)

Answer 7

solve for r

Answer 8

21.90 = 912.5r

Answer 9

what do I do now?

Answer 10

divide by 912.5

r =

Answer 11

you get a decimal, then to turn that to a percent, multiply by 100

Answer 12

OH!!! its 0.024, which is 2.4%!!! THANK YOU SOO MUCH!!

Answer 13

lol yep,
welcome