17. If the simple interest on $800 for three years is $54, what is the rate of interest per annum?

Rate = 2.25%

Step-by-step explanation:

The question above is answered below.

Where;

i = interest

p = principal

t = time

Thus:

Check

In order to check whether or not the answer is correct, we can insert the rate into simple interest formula. If we get $54 as interest then rate of 2.25% is correct.

Thus

Having checked, interest is $54 when rate is 2.25%. Therefore, the answer (rate = 2.25 %) is correct.

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