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anonymous
 one year ago
Saccoro invested $3800 for 3 1/2 years. She earned $983.25 in simple interest. What was the annual interest rate, to the nearest hundredth of a percent ?
A. 0.74%
B. 5.35%
C. 7.39%
D. 13.53%
anonymous
 one year ago
Saccoro invested $3800 for 3 1/2 years. She earned $983.25 in simple interest. What was the annual interest rate, to the nearest hundredth of a percent ? A. 0.74% B. 5.35% C. 7.39% D. 13.53%

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I know that the formula for this would be I = P R T . But I forgot what numbers go where

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Do you have the simple interest formula on hand?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I is your interest. P is your principal (the amount you start out with). R is your rate (rate at which you gather interest, which is in decimal form), and T is for time.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Yea that I know .. But wat I need help with is how do I put the numbers in ?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Just convert the percentages into decimal form and plug each choice into the equation. A good hint is that the interest rate has to be relatively large for Saccoro to earn that much interest.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I was thinking bout doing that but I have to show my work so I rather do it the formula way

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Okay. 3800 is the principal (P), since that's what she started with. The rate is what you're trying to find out. The time (t) is 3 and a half years. I is the 988.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Wait did u switch 983.25 into 988

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Once you have those numbers in the equation, then it's valid work to simply plug in the answer choices for R.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Oops, I meant 983.25 xD

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I hope that all made sense.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Oh okay and one more thing for time would I put 3 years or 3.5 years

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0And yea that made perfect sense

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Would the answer be C. 7.39% ?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I did this .. 983.25 = (3800) (r) (3.5) 983.25 = 13,300r 983.25 / 13,300 = 0.073928 r = 7.39 %

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0That looks right to me :)
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