Answer
$13\frac{1}{3}\%$.
Work Step by Step
Given $P=5000, I=5500-5000=500, t=\frac{3}{4}\ yr$, we have the interest rate $r=\frac{I}{Pt}=\frac{500}{5000(3/4)}=13\frac{1}{3}\%$.
Precalculus: Concepts Through Functions, A Unit Circle Approach to Trigonometry (3rd Edition)
by Sullivan III, Michael
Published by
Pearson
ISBN 10:
0-32193-104-1
ISBN 13:
978-0-32193-104-7
Chapter 4 - Exponential and Logarithmic Functions - Section 4.7 Financial Models - 4.7 Assess Your Understanding - Page 346: 2
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