USE THE FORMULA: A=P+I.P, WHERE A IS THE VALUE OF THE INVESTMENT IN ONE YEAR, P IS THE ORIGINAL INVESTMENT, AND I IS THE INTEREST RATE FOR THE INVESTMENT. FIND THE INTEREST RATE FOR AN ORIGINAL INVESTMENT OF $3,000 WHICH HAD A VALUE OF $3,450 AFTER ONE YEAR.

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They tell you what P is ($3000) and what A is ($3450). Solve the equation for I.

You earn $450 on $3000 in one year. What % of 3000 is 450?

15%

Correct

To find the interest rate for the given problem, we can rearrange the formula and solve for 'I', the interest rate.

The formula given is:
A = P + (I * P)

We know that:
A = $3,450 (value of the investment after one year)
P = $3,000 (original investment)

Substituting these values into the formula, we get:
$3,450 = $3,000 + (I * $3,000)

To isolate 'I', we can first subtract $3,000 from both sides to get rid of the constant term on the right side:
$3,450 - $3,000 = I * $3,000

Simplifying, we have:
$450 = I * $3,000

To solve for 'I', we need to divide both sides of the equation by $3,000:
$450 / $3,000 = I

Now we can calculate the interest rate:
I = 0.15

Convert the decimal to a percentage to get the interest rate:
0.15 * 100 = 15%

Therefore, the interest rate for an original investment of $3,000, which had a value of $3,450 after one year, is 15%.