document.write( "Question 1094726: If Kachina Caron invested $1800 in a simple interest account and earned $27 in 3 months, what is the annual interest rate? \n" ); document.write( "

Algebra.Com's Answer #709308 by greenestamps(13200) $\"\"$ $\"About$

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By logical analysis and basic arithmetic...

\n" ); document.write( " $\"27%2F1800+=+0.015+=+1.5%25\"$

\n" ); document.write( "Since the amount of interest earned in just one quarter of a year was 1.5%, the interest rate for the whole year is 4 * 1.5%, or 6%.

\n" ); document.write( "By formula (I = Prt) Interest = principal times rate times time:
\n" ); document.write( " $\"27+=+1800%28r%29%281%2F4%29\"$
\n" ); document.write( " $\"27+=+450r\"$
\n" ); document.write( " $\"27%2F450+=+r\"$
\n" ); document.write( " $\".06+=+r\"$ \n" ); document.write( "

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