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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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%

Mathematics
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I know that the formula for this would be I = P R T . But I forgot what numbers go where
Do you have the simple interest formula on hand?
I 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.

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Yea that I know .. But wat I need help with is how do I put the numbers in ?
Just 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.
I was thinking bout doing that but I have to show my work so I rather do it the formula way
Okay. 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.
Wait did u switch 983.25 into 988
Once you have those numbers in the equation, then it's valid work to simply plug in the answer choices for R.
Oops, I meant 983.25 xD
I hope that all made sense.
Oh okay and one more thing for time would I put 3 years or 3.5 years
And yea that made perfect sense
3.5 years :)
Okay thanks so much
Np.:)
Would the answer be C. 7.39% ?
I did this .. 983.25 = (3800) (r) (3.5) 983.25 = 13,300r 983.25 / 13,300 = 0.073928 r = 7.39 %
That looks right to me :)
Okay thanks
Np!

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