SOLUTION: The formula for calculating simple interest is I=prt, where I is the amount of interest, p is the amount invested, r is the annual rate of interest, and t is the time in years. Sup

Question 949243: The formula for calculating simple interest is I=prt, where I is the amount of interest, p is the amount invested, r is the annual rate of interest, and t is the time in years. Suppose that you invested $1200 for a period of six years and earned $396 simple interest. What was the annual rate of interest?
a. 0.055%
b. 18%
c. 0.55%
d. 5.5%
Answer by MathLover1(20849) (Show Source): You can put this solution on YOUR website!

The formula for calculating simple interest is
, where is the amount of interest, is the amount invested, is the annual rate of interest, and is the time in years.
Suppose that you invested $ for a period of six years and earned $ simple interest. What was the annual rate of interest?
given:
$
$

find
.......plug in given values
.....solve for

or %

so, your answer is option d. %

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