If $1900 earned simple interest of $56.28 in 6 months, what was the simple interest rate? The simple interest rate is % (Do not round until the final answer. Then round to the nearest tenth as needed.)

Accepted Solution

Answer:rate of interest = 5.92%Step-by-step explanation:Given,Principle value,P = $1900interest earned, I = $58time, T = 6 months        [tex]=\dfrac{6}{12}\ year[/tex]        = 0.5 yearAs the interest is being calculated according to the rule of simple interest.so, Simple interest can be given by,     [tex]I\ =\ \dfrac{P\times R\times T}{100}[/tex][tex]=>\ 56.25\ =\ \dfrac{1900\times R\times 0.5}{100}[/tex][tex]=>\ R\ =\ \dfrac{56.25\times 100}{1900\times 0.5}[/tex]           = 5.92so, the simple rate of interest is 5.92% annually.