Find the annual interest rate.

The annual interest rate is 3.5%.

Solution:

Given Interest (I) = $26.25

Principal (P) = $500

Time (t) = 18 months

Rate of interest (r) = ?

Time must be in years to find the rate per annum.

1 year = 12 months

Divide the time by 12.

Time (t) = years

Now, find the rate of interest using simple interest formula.

Simple interest formula:

⇒ r = 3.5%

Hence the annual interest rate is 3.5%.

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step-by-step explanation:

egge

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