Respuesta :
It is given that Borrowed money= is $200, Interest= is $8, and Time =2 weeks.
We need to find the annual percentage rate.
[tex]2\text{ we}eks=14\text{ days}[/tex][tex]1\text{ year=365 days}[/tex][tex]\text{Time =}\frac{14}{365}\text{ days}[/tex]Recall the formula for the simple interest formula
[tex]Simple\text{ interest}=P\times\frac{r}{100}\times t[/tex]Substitute P=$200, simple interest=$8, and t=14/365, we get
[tex]8=200\times\frac{r}{100}\times\frac{14}{365}[/tex][tex]8=0.767\times r[/tex][tex]\frac{8}{0.767}=r[/tex][tex]r=10.43\text{ \%}[/tex]Hence the annual interest is 10.4 %.
