Ummmm, miss, this problem of yours is an example of a problem that uses the formula of simple interest:
Principal x Rate x Time = Simple Interest or simply
PRT = I ( I means simple Interest)
Here, in your problem, these are the given:
Principal = P 3, 000
Rate = ?
Time = 1 ( it is 1 because of the word "annually" which means every year or every 1 year)
Simple Interest = P 450
We plot them using the same formula"
P x R x T = I
P 3, 000 x R x 1 = P 450
P 3, 000 x R = P 450 ( right now, we just divide P 450 by P 3, 000 to get the answer)
P 450 / P 3, 000 = R
0. 15 = R ( no more peso sign because it is already cancelled)
0. 15 = R ( the only thing you will do is to change the 0 . 15 to percent because it is a decimal and to change decimals into percent, we multiply them by 100 and then, change the decimal point into the percent symbol ( % )
0 . 15 x 100 = R
15 % = R
Therefore, the rate is 15 %.
Answer:
15 %
