Ronald invested $68160 for 8 years and earned 6.2% interest compounded annually
1 answer:
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First, simplify
Second, find the least common denominator of
Third, make the denominators the same as the least common denominator (LCD). Your problem should look like:
Fourth, simplify to get the denominators the same. Your problem should look like:
Fifth, join the denominators. Your problem should look like:
Sixth, simplify. Your problem should look like:
Answer: Option (c) is correct. Rate of interest = 6% p.a.
Step-by-step explanation:
Given that,
principal amount = $2000(loan)
time period = 284 days
interest amount (SI) = $93.37
we have to calculate the rate of interest (i),
Simple interest(SI) = principal amount × rate of interest (i) × time period
93.37 = 2000 × i ×
i =
i = 0.06
i = 6%