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Malik invests money in an account paying simple interest. He invests and no money is added or removed from the investment. After one year, he has .. What is the simple percent interest per year?Answer: ______
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Q. Malik invests money in an account paying simple interest. He invests and no money is added or removed from the investment. After one year, he has .. What is the simple percent interest per year?Answer: ______
- Identify Investment, Amount, Interest: Identify the initial investment, the final amount after one year, and the interest earned.Initial investment (Principal, ) = Final amount after one year () = Interest earned () = Final amount - Initial investment
- Use Simple Interest Formula: Use the formula for simple interest to find the rate.The formula for simple interest is , where is the interest earned, is the principal amount, is the rate of interest per year, and is the time in years.We know , , and year. We need to find .Rearrange the formula to solve for :
- Substitute Values, Solve for Rate: Substitute the known values into the formula and solve for . To express as a percentage, we multiply by .
