What annual rate of interest was earned if a 15,000 investment for five months earned 546.88 in interest? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Interest rate % per annum

Question

Answer 1

## Step 1: Convert time to years### The investment is for five months, which is

of a year.## Step 2: Calculate the annual interest rate### We are given

15,000

t = \frac{5}{12}

i = \

. We use the formula

and solve for

:

. Multiply by 100 to express as a percentage:

. Rounding to two decimal places gives

.

Question