Question

use the simple interest formula to determine the missing value.
p = $1825, r = ?, t = 2 years, i = $87.60

the missing value, expressed as a percentage, is r = \\(\square\\)%
(do not round until the final answer. then round to one decimal place as needed.)

Explanation:

Step1: Recall simple interest formula

$i = p \times r \times t$

Step2: Rearrange to solve for r

$r = \frac{i}{p \times t}$

Step3: Substitute given values

$r = \frac{87.60}{1825 \times 2}$

Step4: Calculate denominator first

$1825 \times 2 = 3650$

Step5: Compute decimal value of r

$r = \frac{87.60}{3650} = 0.024$

Step6: Convert to percentage

$r = 0.024 \times 100 = 2.4\%$

Answer:

2.4