01-11-2020
Mathematics

contestada

Mike earned $67.00 in simple interest on an investment of $2800 after 9 months. What is the interest rate?

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HarleyNguyen HarleyNguyen

01-11-2020

Answer:

0.2659%

Step-by-step explanation:

r = (1/t)(A/P - 1)

r = (1/9)((2867/2800) - 1) = 0.00265873

r = 0.00265873

R = 0.00265873 * 100 = 0.2659%/month

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