Question

Question Help please!To find simple interest, you multiply the principal (in dollars), the interest rate (as a decimal), andthe time in years. The equation 24 = 400.0.015•4 shows how to find the simple interest for acertain account after 4 years. What is the interest rate (as a percent)? How much is the simpleinterest? What is the principal?What is the interest rate (as a percent)?OA. 24%OB. 1.5%OC. 400%OD. 0.015%Click to select your answer and then click Check Answer.Clear AllCheck And2 pansremainingQuestion 2Review progressBackof 9Next →

Answer 1

The interest rate is 1.5%

Here, we want to select which of the option represent the interest rate

From the question, we can see that 400 represents the principal, with 4 representing the number of years. Thus, we have 0.015 as the interest rate

What we have to do here however is to convert this to percentage

Mathematically, that would be;

$0.015\text{ = }\frac{15}{1000}\text{ = }\frac{1.5}{100}=\text{ 1.5\%}$