Question

The simple interest accrued on a principal of $24,900 Over 4/1/4 years js $8,466. What was the rate of interest

Answer 1

Answer:

8%

Step-by-step explanation:

Simple Interest Formula

I = Prt

where:

• I = interest accrued
• P = principal amount invested
• r = interest rate (in decimal form)
• t = time (in years)

Given:

• I = $8,466
• P = $24,900
• t = 4.25 years

Substitute the given values into the formula and solve for r:

$\implies \sf I = Prt$

$\implies \sf 8466=24900r(4.25)$

$\implies \sf 8466=105825r$

$\implies \sf r=\dfrac{8466}{105825}$

$\implies \sf r = 0.08$

Convert the interest rate to a percentage by multiplying by 100:

$\implies \sf r = 0.08 \times 100 = 8\%$

Therefore, the interest rate is 8%.

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