kenialove
  • kenialove
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
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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kenialove
  • kenialove
I know that the formula for this would be I = P R T . But I forgot what numbers go where
anonymous
  • anonymous
Do you have the simple interest formula on hand?
anonymous
  • anonymous
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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More answers

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

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