After 6 months the simple interest earned annually on an investment of \( \$ 6,000 \) was \( \$ 463 \). Find the interest rate to the nearest tenth of a percent. \( 15.4 \% \) \( 13.4 \% \) \( 0.154 \% \) \( 0.2 \% \)
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Beyond the Answer
To find the interest rate, we can use the simple interest formula: \( I = P \times r \times t \), where \( I \) is the interest earned, \( P \) is the principal amount, \( r \) is the interest rate, and \( t \) is the time in years. Here, \( I = 463 \), \( P = 6000 \), and \( t = 0.5 \) years (since 6 months is half a year). Rearranging the formula to find \( r \) gives us \( r = \frac{I}{P \times t} \). Substituting the values in, we get \( r = \frac{463}{6000 \times 0.5} = \frac{463}{3000} \approx 0.1543 \). Converting this rate into a percentage results in approximately \( 15.4\% \) when rounded to the nearest tenth of a percent. So, the correct interest rate is \( 15.4\% \).
