SOLUTION: Kachina Caron invests $1200 in a simple interest account and earns $72 in 8 months. What is the annual simple interest rate.
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Question 17841: Kachina Caron invests $1200 in a simple interest account and earns $72 in 8 months. What is the annual simple interest rate.
Answer by venugopalramana(3286) (Show Source): You can put this solution on YOUR website!
Kachina Caron invests $1200 in a simple interest account and earns $72 in 8 months. What is the annual simple interest rate.
principal=p=1200 $
time=t=8 months =8/12 years=2/3 yr.
rate % = r say
interest=i=72 $
i=p*t*r/100
72=1200*2*r/(3*100)
r=3*72*100/(1200*2)
r=9
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