At what simple annual interest rate would $1,896 grow to $2,000 in 300 days?
A) 6.7%
B) 8.5%
C) 7.8%
D) 5.5%
E) 6.3%

Name: At what simple annual interest rate would $1,896 grow to $2,000 in 300 days? A) 6.7% B) 8.5% C) 7.8% D) 5.5% E) 6.3%
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Question

Quizplus · Accepted Answer

The interest earned is $2,000 - $1,896 = $104. Using the formula for simple interest, I = PRT, where I = $104, P = $1,896, and T = 300/365 years, solve for R to find the rate. R = (104 / (1896 * (300/365))) * 100 = 6.7%.

At What Simple Annual Interest Rate Would $1,896 Grow to $2,000