Ask Question
18 October, 00:37

Mariska was comparing her options for investment. One choice she was looking at showed that her principal of $1,875 over 10 years would earn $1,125 in interest giving her a total of $3,000 at the end of the investment period. What interest rate is being used to calculate this investment?

+2
Answers (1)
  1. 18 October, 02:31
    0
    Answer: 6%

    Step-by-step explanation:

    Principal = $1875

    Time = 10 years

    Interest = $1125

    Rate = Unknown

    Recall that,

    Interest = (Principal*Rate*Time) / 100

    I = PRT/100

    100I = PRT

    R = (100*I) / PT

    Rate = (100 * 1125) / (1875 * 10)

    Rate = 112500/18750

    Rate = 6%

    The rate is 6%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Mariska was comparing her options for investment. One choice she was looking at showed that her principal of $1,875 over 10 years would ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers