Solve the problem.
-Simple interest is calculated using the formula, interest = principal · rate · time or i = prt. Jenny Brooks invested a certain amount of money saved for 1 year at a certain annual interest rate (simple interest) yielded $9.12 in
Interest. If we had added $76 to the principal and reduced the interest rate by 2 percentage point(s), the interest
Would have been the same. Find the principal and the rate.
A) $152.00, 6%
B) $8.00, 4%
C) $8.00, 6%
D) $7.66, 608%

Question

Quizplus · Accepted Answer

Given the formula for simple interest $i = prt$, where $i$ is the interest, $p$ is the principal, $r$ is the rate, and $t$ is the time in years. From the problem, we have two scenarios:1. $i = prt = 9.12$2. $i = (p + 76)(r - 0.02)t = 9.12$, with $t = 1$ year in both cases.By setting up equations based on these scenarios and solving them simultaneously, we find that the only combination of principal and rate that satisfies both conditions is $152.00 at 6%, which corresponds to choice A.

Solve the Problem. -Simple Interest Is Calculated Using the Formula, Interest = Principal