Respuesta :
We have: I = P × R × T / 100
Here, I = 980
P = 7000
T = 8
Substitute their values into the expression:
980 = 7000 × R × 8 / 100
R = 980 × 100 / 7000 × 8
R = 98000 / 56000
R = 1.75%
In short, Your Answer would be 1.75%
Hope this helps!
Here, I = 980
P = 7000
T = 8
Substitute their values into the expression:
980 = 7000 × R × 8 / 100
R = 980 × 100 / 7000 × 8
R = 98000 / 56000
R = 1.75%
In short, Your Answer would be 1.75%
Hope this helps!
The annual interest rate of cd was 1.75.
What is simple interest?
Simple interest is the interest calculated on the principal portion of a loan or the original contribution to a saving amount.
Formula for simple interest
S.I = (P × R × T)/100
Where,
S.I is the simple interest
P is the initial principal balance
R is the interest rate
T is the time in years
According to the given question
We have
Simple Interest, SI = $980
Initial principal balance, P = $7000
Time, T = 8 years
Therefore, the annual interest rate for cd is given by
[tex]980=\frac{(7000)(R)(8)}{100}[/tex]
⇒ [tex]R =\frac{(980)(100)}{(7000)(8)}[/tex]
⇒ [tex]R=1.75[/tex]
Hence, the annual interest rate of cd was 1.75.
Learn more about simple interest here:
https://brainly.com/question/22621039
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