At What Simple Interest Rate Was P14,375 Invested If It Earned P1976.56 For 1 Year And 1 Months?

At what simple interest rate was P14,375 invested if it earned P1976.56 for 1 year and 1 months?

 

Answer:

r = 0.1269229164 = 12.69229164%

Step-by-step explanation:

At what simple interest rate was P14,375 invested if it earned P1976.56 for 1 year and 1 months?

Given: I = P1,976.56

          P = P14,375.00

           t = 1 year and 1 month = 1 +1/12 =13/12

Required: r (rate)

Solution:

I = P × r × t

1976.56 = (14375) × (r) × (13/12)

solve for r

r = 0.1269229164 = 12.69229164%