nicolebright nicolebright

22-02-2020
Mathematics

contestada

find the rate if a principal of $1,275 earned $969 interest in 8 years

Respuesta :

Аноним Аноним

22-02-2020

Answer:

9.5 is the rate percent at which the interest had been earned

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altavistard altavistard

22-02-2020

Answer:

The rate was 0.095, or 9.5%

Step-by-step explanation:

We'll assume that this situation involves simple interest, for which the formula is

i = p*r*t.

Then:

$969 = $1275*r*8.

Dividing both sides by [$1275*8], we get:

$969

-------------- = 0.095

$1275*8

The rate was 0.095, or 9.5%

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