Question

When $720 is invested for 36 months it earns $205.20 simple interest. Find the yearly interest rate.

A) 7.5% B) 8.5% C) 9.5% D) 10.5%

Answer 1

Sum=$720

Time=36months=3yrs

S.I.=$205.20

R=?

S.I=PRT/100

205.20=720×3×R/10

20520=2160R

R=20520/2160

R=9.5%

Thus correct option is (C).9.5%

Answer 2

c) 9.5%.

This is the correct answer..

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