Algebra 1: Common Core (15th Edition)

Published by Prentice Hall
ISBN 10: 0133281140
ISBN 13: 978-0-13328-114-9

Chapter 2 - Solving Equations - 2-9 Percents - Practice and Problem-Solving Exercises: 38

Answer

6.333 percent

Work Step by Step

Recall, I=Prt, where I is interest, P is the principle (the amount of money invested), r is the rate (which equals the original percentage divided by 100) and t is the time, in years. (Note, we call x the percent interest needed, which is what we want to find. $95=(1500)(x/100)(1)$ $ \\\\ 95=15x \\\\x=6.333 $ 6.333% is what the student needs the interest to be.
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