Question

plz awncer

Jontorya's parents put $12,340 into a Florida prepaid account to start saving for her college, after 18 years they earned $5,553 in simple interest. What was their interest rate?​

Answer 1

Since Jontorya's parents put $12,340 into a Florida prepaid account to start saving for her college, their interest rate is 14.9%.

Given the following data:

• Principal = $12,340

• Simple interest = $5,553

• Time = 18 years

To find Jontorya's parents interest rate:

Mathematically, simple interest is given by the formula:

$S.I = \frac{PRT}{100}$

Where:

• S.I is the simple interest.

• P is the principal amount.

• R is the interest rate.

• T is the time measured in years.

Making R the subject of formula, we have:

$R = \frac{100S.I}{PT}$

Substituting the given parameters into the formula, we have;

$R = \frac{100 \times 5553}{12340 \times 3}\\\\R = \frac{555300}{37290}$

Interest rate, R = 14.9%

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