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After 3 months the simple interest earned annually on an investment of $3000 was $590. Find the interest rate to the nearest tenth of a percent. A) 78.7% B) 76.7% C) 0.8 % D) 0.787%
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Asked 11/15/2010 10:53:46 AM
Updated 12/10/2024 10:03:26 AM
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User: After 3 months the simple interest earned annually on an investment of $3000 was $590. Find the interest rate to the nearest tenth of a percent. A) 78.7% B) 76.7% C) 0.8 % D) 0.787%

Weegy: a)78.7%
Expert answered|iulianu|Points 130|

User: how did u do it

Question
Asked 11/15/2010 10:53:46 AM
Updated 12/10/2024 10:03:26 AM
1 Answer/Comment
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To find the interest rate, use the simple interest formula:
I = P × r × t
Given:
I = 590,
P = 3000,
t = 0.25 years (3 months).
Substitute into the formula:
590 = 3000 × r × 0.25
Solve for r:
r = 590 / 750 = 0.7867
Convert to percentage:
r = 0.7867 × 100 = 78.7%
The interest rate is approximately 78.7%
Added 12/10/2024 10:03:26 AM
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