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.
<pre>Simple Interest = PTR
{{{matrix(1,7, 712.5, "=", "30,000", "*", 95/365, "*", R))}}}
{{{matrix(1,5, 712.5, "=", matrix(1,3, "6,000", "*", 95)/73, "*", R))}}} ---- Cancelling FACTOR in numerator and denominator
{{{matrix(1,3, 712.5, "=", "6,000(95)R"/73))}}}
6,000(95)R = 73(712.5) ------- Cross-multiplying
{{{matrix(1,3, R, "=", 73(712.5)/("6,000(95)")))}}}
Using a calculator, you get SIMPLE INTEREST, or {{{highlight_green(matrix(1,5, R, "=", ".09125,", or, "9.125%"))}}}