p=3000 a=3180 plus 1yr
simple interest rate=r tothe nearest tenth percent
To find the simple interest rate (r), we can use the formula:
Simple Interest (I) = Principal (P) x Rate (r) x Time (t)
Given:
Principal (P) = $3000
Amount (A) = $3180
Time (t) = 1 year
We need to find the rate (r).
First, we can calculate the Simple Interest (I) using the given values:
I = A - P = $3180 - $3000 = $180
Now, we can substitute the values in the formula and solve for the rate (r):
I = P x r x t
180 = 3000 x r x 1
180 = 3000r
To solve for r, we divide both sides of the equation by 3000:
r = 180 / 3000
Next, we can calculate the value of r:
r ≈ 0.06
The simple interest rate (r) is approximately 6% (rounded to the nearest tenth percent).