Problema Solution
If Kachina Caron invested $1800 in a simple interest account and earned $27 in 3 months, what is the annual interest rate?
Answer provided by our tutors
If Kachina Caron invested $1800 in a simple interest account and earned $27 in 3 months
SI=PRT/100
27=(1800*3*R)/(100*12)
R=(27*4)/18
R=6% per annum.