Simple interest 5

At what simple interest rate should Renel invest his P45,000 so that it earns P5,500 in 1 year and 5 months?

Correct answer:

i =  8.6275 %

Step-by-step explanation:

P=45000 P I=5500 P t=1+5/12=12171.4167  I=P r t  r=t PI=1217 450005500=255220.0863  i=100 r=100 25522=255100 22=2552200=51440%=8.6275%

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