Question

Use the simple interest formula to determine the missing value. p =$1325, r =?t=2 years I=$37.10 r=?% ​(Do not round until the final answer. Then round to one decimal place as​ needed.)

Answer 1

Answer:

r = 1.4 %

Step-by-step explanation:

given p(principle) is 1,375$, r(interest rate) is unknown, t(time in years) is 2, and I(Interest / final balance) is 37.10$. The simple interest formula: I = prt can be rewritten as: r = I/pt to solve for r. 37.1 / ( 1325 × 2 ) = 37.1 / 2650 = 0.014 = ( 0.014 * 100 ) % = 1.4 %