Concept explainers
The lowest rate of interest that makes the students earn $95 in simple interest in a year.
Answer to Problem 38PPE
Option C. is correct.
Explanation of Solution
Given:
Principal amount is $1500.
Time is 1 year.
Simple Interest is $95.
Calculation:
The formula to calculate Simple Interest is:
Therefore, put the given values:
Therefore, the lowest rate of interest to earn $95 as simple interest is
Hence, Option C. is correct.
Chapter 2 Solutions
High School Math 2011 Algebra 1(prentice Hall) Student Edition
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