Answered

At what rate should the amount of Php3,000 be invested to earn a simple interest of Php450 annually?

Sagot :

Shinalcantaraviz
For simple interest:
 I = Pin
where:
     I is the interest
     P is the Principal amount
     i is the interest rate
     n is the duration
You are given with:
 I =450
 P=3,000
 n=1 yr 

substituting it to the formula:
 I = Pin
450 = 3000(1)(i)
i = 450/3000
i = 0.15  or in percentage, 15%