Question on Rates (1 Viewer)

[davohan123]

I am stuck any help will do

John earned $ 1825 in simple interest on an investiment of $100,000 with a term of 117 days

Calculate the daily interest rate-as a percentage, correct to 3 sig figs

Anyhelp will do

Thanx

 

[Drongoski]

I am stuck any hep will do

John earned $ 1825 in simple interest on an investiment of $100,000 with a term of 117 days

Calculate the daily interest rate-as a percentage, correct to 3 sig figs

Anyhelp will do

Thanx

I = p x r x n

1825 = 100000 x r x 117

r = 1825/11700000 = 0.00015598 ..
= 0.015598 .. %
= 0.0156 % (3 sig figs)

( This is interest rate per day)