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06-01-2020
Mathematics

contestada

At what simple annual interest rate must $2,500 be invested if it is to earn $225 in interest in one year?
A) 6%
B) 7%
C) 8%
D) 9%
E) 10%

Respuesta :

06-01-2020

Answer:

D) 9%

Step-by-step explanation:

Simple interest formula:

[tex]I = P*r*t[/tex]

Principal (P) -> $2,500
interest rate (r) -> r
time (t) -> 1 year

Thus:

[tex]225 = 2,500*r*1[/tex]

After clearing the equation:

[tex]r = \frac{9}{100}[/tex], which is 0.09 -> 9%

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