SOLUTION: An investor earned $712.50 on an investment of $30,000 in 95 days. Find the annual simple interest rate earned on the investment.

Question 1095370: An investor earned $712.50 on an investment of $30,000 in 95 days. Find the annual simple interest rate earned on the investment.
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
A = P(I*t)
A = P*I*t
A/P*t = I
712.50/(30000*95) = 0.00025
0.00025(365) = 0.09125
The annual interest rate is 9.125%

Answer by MathTherapy(10549) (Show Source): You can put this solution on YOUR website!
An investor earned $712.50 on an investment of $30,000 in 95 days. Find the annual simple interest rate earned on the investment.

Simple Interest = PTR

---- Cancelling FACTOR in numerator and denominator

6,000(95)R = 73(712.5) ------- Cross-multiplying

Using a calculator, you get SIMPLE INTEREST, or
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