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31 May, 06:04

A $5000 investment earns $1575 simple interest in three years. What is the annual interest rate?

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Answers (2)
  1. 31 May, 06:10
    0
    The answer is 3.17 remainder 4

    The way i got the answer was by dividing 5000 by 1575 and the answer was checked by multiplying 3.17 and 1575
  2. 31 May, 06:28
    0
    Use the formula: I = prt 1575 = (5000) (3) r Multiply 5000 * 3

    your answer would be 10.5, which if u have the same question like me its going to be "C"
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