Question 1111418: can someone show me where l am going wrong.
Braun invested R8 350 in an account that pays simple interest. After six years, he received an accumulated
amount of R12 859. The simple interest rate on the investment, rounded to two decimal digits, was ...
R = I/PxT
r = ?
I = 12 859
P = 8 350
T = 6 years
:6x12 = 72 months
:12859/8350x72
:8350x72 = 601200
:12859/601200
:0.021388..
the answers provided being below. non of them matches my answer
[1] 9,00%
[2] 7,45%
[3] 6,00%
[4] 0,09%
Answer by greenestamps(13198)   (Show Source):
You can put this solution on YOUR website!
(1) The R12859 is not the amount of interest; it is the original R8350 plus the interest.
(2) The interest rate is always a yearly interest rate; the number of months in a year is not involved in the calculations.
I = Prt
I = 12859-8350
P = 8350
t = 6
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