Question

Jin invests money in an account paying simple interest. He invests $180 and no
money is added or removed from the investment. After one year, he has $187.20.
What is the simple percent interest per year?

Answers

  1. Answer:
    4% per year
    Step-by-step explanation:
    Here,
    Principal(P)=$180
    Amount(A)=$187.20
    Time(T)=1 yrs
    Now,
    SI=A-P
    =187.20-180
    =$7.20
    also,
    SI=PTR/100
    or,7.20=180R/100
    or,720=180R
    or R=720/180
    :.R=4% per year

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