Answer:
the annual interest rate is 11.5%
Step-by-step explanation:
Hello, I think I can help you with this
due to the fact that it is a simple interest , and the time is one year, we can deduce that the profit of $690 is a percentage of $ 6000, all we need to do is to find that percentage using a rule of three
Step 1
Let
100%=$6000
X? = $690
(100%/$6000)=(X/$690)
Isolating x
x=(100%*$690)/($6000)
x=11.5 %
Hence.
the annual interest rate is 11.5%
I hope it helps, Have a nice day
