Step-by-step explanation:
To find the rate, we can use the formula for simple interest:
Simple Interest (I) = (Principal × Rate × Time) / 100
Given:
Principal (P) = $550
Time (T) = 3 years
Interest (I) = $57
We can rearrange the formula to solve for the rate (R):
R = (I × 100) / (P × T)
Substituting the given values:
R = (57 × 100) / (550 × 3)
R = 5700 / 1650
R ≈ 3.4545
So, the rate is approximately 3.4545%.
