The simple interest on $15 000 for 9 years is $6 750. Calculate the rate percent per annum.
Question
The simple interest on 6 750. Calculate the rate percent per annum.
Solution
Sure, to calculate the rate percent per annum, we can use the formula for simple interest which is:
I = PRT/100
where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time the money is invested for
In this case, we know that: I = 15 000 T = 9 years
We want to find R. So, we rearrange the formula to solve for R:
R = I * 100 / (P * T)
Substituting the given values:
R = 6750 * 100 / (15000 * 9)
R = 675000 / 135000
R = 5
So, the rate percent per annum is 5%.
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