Question

After 6 months the simple interest earned annually on an investment of $6,000 was $463. Find the interest rate to the nearest tenth of a percent.

Answer 1

I = Prt

with T used in years...
I = interest
p = principal
r = interest rate
t = time

Answer 2

it would be 0.5

Answer 3

@JuanitaM

Answer 4

hmmmm

Answer 5

I got a slightly different answer

Answer 6

Dont you have to convert the 6 months into a year?

Answer 7

You were provided only I, P , and T
remember T = 6/12 = 1/2

Answer 8

Yes you do that is .5 or 1/2

Answer 9

The question wants you to find R the rate..so plug everything in and tell me what you got for R

Answer 10

\(\qquad \textit{Simple Interest Earned}\\
I = Prt\qquad
\begin{cases}
I=\textit{interest earned}\to &\$463\\
P=\textit{original amount deposited}\to& \$6000\\
r=rate\\
t=years\to &6
\end{cases}
\\ \quad \\
\textit{solve for "r"}\)

Answer 11

So i take 6,000= 463 x R X 0.5

Answer 12

aah...P = principal which is 6000
i - interest which is 463

Answer 13

Annual investment is termed they are using for the principal amount

Answer 14

I'm pretty confused

Answer 15

You were on the right path, you just mixed up principal and interest amount

Answer 16

Simple interest is I = PRT

Answer 17

what amount did they tell you was interest?
principal?
and you got T correct at .5

Answer 18

6,000 and 463?

Answer 19

yes, now plug it all in solve for R like you did the first time...you were close don't get frustrated...

Answer 20

so
463 = 6000 * r *.5

Answer 21

15%?

Answer 22

I actually got .16
and the question said to round to the nearest tenth of a percent..

Answer 23

15.4%

Answer 24

Thank you for your help!!

Answer 25

Yes,my calculator was on 2 decimals...I will take your 15.4%..Glad I could be of assistance! Happy Studying