Elementary Algebra

Published by Cengage Learning
ISBN 10: 1285194055
ISBN 13: 978-1-28519-405-9

Chapter 4 - Proportions, Percents, and Solving Inequalities - 4.2 - Percents and Problem Solving - Concept Quiz 4.2: 8

Answer

False

Work Step by Step

The interest formula is: interest rate = principal $\times$ yearly rate of return $\times$ time in years. This formula can be written as i = P $\times$ r $\times$ t. By looking at the formula, we can see that r represents the yearly rate of return.
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