Answer:
R = 11%/year
Equation:
r = I / Pt
Calculation:
Solving our equation
r = 99 / ( 1200 × 0.75 ) = 0.11
r = 0.11
converting r decimal to a percentage
R = 0.11 * 100 = 11%/year
The interest rate required to
accumulate simple interest of $ 99.00
from a principal of $ 1,200.00
over 0.75 years is 11% per year.
