Intermediate Algebra (12th Edition)

Published by Pearson
ISBN 10: 0321969359
ISBN 13: 978-0-32196-935-4

Chapter 1 - Section 1.2 - Formulas and Percent - 1.2 Exercises: 52

Answer

$r=0.75\%$

Work Step by Step

We know that the simple interest formula is: $Interest=Principal*Rate*Time$ $I=prt$ We solve for the rate, $r$: $\displaystyle r=\frac{I}{pt}$ And plug in $I=25.5$, $p=3400$, and $t=1$: $r=\frac{25.5}{3400*1}$ $=0.0075$ $=0.75\%$
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