A bank deposit paying simple interest grew from an initial amount of $1000 to $1075 in 9 months, Find the interest rate.
I know the formula is I=Prt. I also know I am looking for r, the interest rate. So here is how I set up my equation.
1075=1000(3/4r) --->* 3/4 is t because I divided 9/12 and simplified it to 3/4.
Did I set up the equation correctly?
3 answers
Oops not I= Prt I meant A=P(1+rt)
with your correction, you are right
A bank deposit paying simple interest grew from an ini
tial sum of $1000 to a sum of $1075 in 9 months. Find
the interest rate.
tial sum of $1000 to a sum of $1075 in 9 months. Find
the interest rate.
0 answers