Question 17841
Kachina Caron invests $1200 in a simple interest account and earns $72 in 8 months. What is the annual simple interest rate.
principal=p=1200 $
time=t=8 months =8/12 years=2/3 yr.
rate % = r say
interest=i=72 $
i=p*t*r/100
72=1200*2*r/(3*100)
r=3*72*100/(1200*2)
r=9