Precalculus: Mathematics for Calculus, 7th Edition

Published by Brooks Cole
ISBN 10: 1305071751
ISBN 13: 978-1-30507-175-9

Chapter 1 - Section 1.7 - Modeling with Equations - 1.7 Exercises - Page 75: 27

Answer

7.5%

Work Step by Step

We want to calculate interest rate at which we would earn 262.5 from investment of 3500 dollars. Formula is I=Prt P is invested amount (3500) r is interest rate that we are looking for t is time (1 year in this particular problem) I are earnings/interest (262.5) 3500$\times$r= 262.5 divide by 3500 r=0.075=7.5%
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