Problema Solution
Determine the simple interest rate at which $2400 will grow to $2535 in 6 months.
Answer provided by our tutors
Interest =(2535-2400)=135 $
Sum= 2400 $
Rate = r %
Time =6 months =0.5 year
so Interest=(Sum x rate x time )/100
=>135 = (2400 x r x 0.5)/100
=> r =11.25 %