Answer:
Rate = 0.11%
Step-by-step explanation:
Using I = PRT
Where,
- P = Principal = $1200
- R = Rate = ✘
- T = Time in years = 0.75 years
- I = Interest = $99
⟼ I = PRT
Substitute values
⟼ 99 = 1200 × 0.75 × ✘
Multiply
⟼ 99 = 900✘
Divide both sides by the coefficient of ✘
⟼ 99/900 = ✘
⟼ ✘ = 0.11
Therefore, Rate is 0.11%
