What rate of interest did you earn for a period of 2417 days if you invested $175 and you earned $222 in interest?
A) 16.19%
B) 17.19%
C) 29.19%
D) 21.19%
E) 19.16%

Question

Quizplus · Accepted Answer

The interest earned is $222 on an investment of $175. To find the rate, we use the formula for simple interest: I = PRT, where I is the interest earned, P is the principal amount, R is the rate of interest per period, and T is the time period in years. Rearranging the formula to solve for R gives us R = I / (PT).First, convert the time period from days to years because interest rates are typically annualized. There are 2417 days, which is 2417/365 = 6.62 years (approximately).The interest earned is $222, and the principal amount (P) is $175. Plugging these values into the rearranged formula gives us R = 222 / (175 * 6.62).Calculating this gives R = 0.1916, or 19.16% when converted to a percentage.

What Rate of Interest Did You Earn for a Period