Answer:
[tex]r=3.8\%[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=(91/365)\ years\\ P=\$2,400\\ I=\$22.74\\r=?[/tex]
substitute in the formula above
[tex]22.74=2,400(91/365)r[/tex]
[tex]22.74*365=2,400(91)r[/tex]
[tex]r=22.74*365/[2,400(91)][/tex]
[tex]r=0.038[/tex]
[tex]r=3.8\%[/tex]
