SOLUTION: If Kachina Caron invested $1200 in a simple interest account and earned $27 in 3 months, what is the annual interest rate?
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Question 1146682: If Kachina Caron invested $1200 in a simple interest account and earned $27 in 3 months, what is the annual interest rate?
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!
(1) Find what percent of the $1200 investment the $27 of interest is:
= 2.25%
(2) 3 months is 1/4 year. Determine the annual interest if the interest in 1/4 year is 2.25%:
= 9%
Or, formally....
interest = principal times rate times time
= 9%
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