Question

1. A capital of $3,831 was lent, and it has produced interest of $840 from 05-12-2022 to 1-12-2023. At what annual simple interest rate was the capital lent?

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Answer to a math question 1. A capital of $3,831 was lent, and it has produced interest of $840 from 05-12-2022 to 1-12-2023. At what annual simple interest rate was the capital lent?

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Find the number of days from 05-12-2022 to 1-12-2023. May, 2022: 19 days June, 2022: 30 days July, 2022: 31 days August, 2022: 31 days September, 2022: 30 days October, 2022: 31 days November, 2022: 30 days December, 2022: 31 days January, 2023: 12 days So, there are a total of 245 days from 05-12-2022 to 01-12-2023. Find the simple interest rate using the formula written below. I=\frac{Prt}{365} Where I is the simple interest, P is the principal amount, r is the annual simple interest rate and t is the number of days. Plug in the given values. 840=\frac{3831\times r\times245}{365},

r\approx0.3267\approx32.67\%

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