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Angel invests money in an account paying simple interest. He invests $110 and no money is added or removed from the investment. After one year, he has $115.50. What is the simple percent interest per year?

Respuesta :

Hi1315

Answer:

5%

Step-by-step explanation:

First let's find the interest,

$ 115.50 - $ 110

= $ 5.5

Now let's use this formula to find the simple percent interest.

Simple interest =  P × r × t / 100

Here,

P = Principle

r = rate

t = time

Let us find now.

[tex]5.5 =\frac{P *r*t}{100} \\5.5 = \frac{110*r *1}{100} \\550=110r\\\frac{550}{110} =\frac{110r}{110} \\5=r[/tex]

Therefore, the percentage is 5%

Hope this helps you.

Let me know if you have any other questions :-)

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