The simple interest on $15 000 for 9 years is $6 750. Calculate the rate percent per annum.
Question
The simple interest on 6,750. Calculate the rate percent per annum.
Solution
Sure, to calculate the rate percent per annum, we can use the formula for simple interest which is:
I = PRT/100
where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time the money is invested for
In this case, we know that: I = 15 000 T = 9 years
We want to find R. So, we rearrange the formula to solve for R:
R = I * 100 / (P * T)
Substituting the given values:
R = 6750 * 100 / (15000 * 9)
R = 675000 / 135000
R = 5
So, the rate percent per annum is 5%.
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