Answer:
A.
Step-by-step explanation:
We use the simple interest equation of A=P(1+rt).
A-the total amount with interest earned
P-the initial amount or principal
r-rate
t-time in years
We substitute the values P=300, A=381, and t=9. We then solve for r.
[tex]381=300(1+9r)[/tex]
We divide both sides by 300.
[tex]\frac{381}{300}=\frac{300(1+9r)}{300}[/tex]
Simplify.
[tex]1.27=1+9r[/tex]
We subtract 1 from both sides.
[tex]1.27-1=1-1+9r[/tex]
Simplify.
[tex]0.27=9r[/tex]
We divide by 9.
[tex]\frac{0.27}{9}=\frac{9r}{9}[/tex]
r=0.03
We need to convert the decimal to a percentage by multiplying by 100.
The interest rate is 3%.
