I=$54, P=$900, t. = 18 months

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Guest

Mathematics

22 October, 04:53

I=$54, P=$900, t. = 18 months

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Answers (2)

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Darcy · Answer 1

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Byron · Answer 2

Interest=Principal x Rate x Time (in years)

Interest=$54

Principal=$900

Convert 18 months to years by dividing by 12 (there are 12 months in a year) so

Time = 18/12=1.5

Plug into formula you get

54 = (900) R (1.5)

54=1350R

Divide by 1350

.04=R

Annual Rate is 4%