Algebra 1

Published by Prentice Hall
ISBN 10: 0133500403
ISBN 13: 978-0-13350-040-0

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

Answer

c) 6.33%

Work Step by Step

$interest=principal\times rate\times\ time$ Interest is the amount earned, \$95. The principal is the amount deposited, \$1500. The rate is unknown. Let r be the rate. Time is the amount of time over which the interest is earned, 1 year. Substitute the given values and solve for r. $95=(1500)(r)(1)\longrightarrow$ divide both sides by 1500 $95\div1500=1500r\div1500\longrightarrow$ divide $0.06\overline3=r\longrightarrow$ convert decimal to a percent; move decimal 2 places right $6.\overline3\%=r$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.