the simple interst on $480 after 2 years is $72. the rate percent per annum is
I = PRT
72 = 480 * R * 2
72 = 960R
72 / 960 = R
0.075 = 7.5% = R
To find the rate percent per annum, we can use the formula for simple interest:
Simple Interest = (Principal Amount × Rate × Time)/100
We are given that the principal amount is $480, the time is 2 years, and the simple interest is $72. Plugging these values into the formula, we get:
72 = (480 × Rate × 2) / 100
Multiplying both sides by 100:
7200 = 960 × Rate
Dividing both sides by 960:
7200 / 960 = Rate
Simplifying:
7.5 = Rate
So, the rate percent per annum is 7.5%.
To determine the rate per cent per annum, we can use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
Given that the principal amount is $480 and the simple interest after 2 years is $72, we can plug these values into the formula and solve for the rate.
$72 = ($480 * Rate * 2) / 100
To find the rate, we can rearrange the formula:
Rate = ($72 * 100) / ($480 * 2)
Simplifying this equation, we get:
Rate = 15
Therefore, the rate percent per annum is 15%.