Questions: Use the simple interest formula I = Prt and elementary algebra to find the missing quantities in the table below. I P r t ---- 1350 5000 □ % 3 years

Use the simple interest formula I = Prt and elementary algebra to find the missing quantities in the table below.

I  P  r  t
----
1350  5000  □ %  3 years
Transcript text: Use the simple interest formula I = Prt and elementary algebra to find the missing quantities in the table below. \begin{tabular}{|c|c|c|c|} \hline $\mathbf{I}$ & $\mathbf{P}$ & $\mathbf{r}$ & $\mathbf{t}$ \\ \hline$\$ 1350$ & $\$ 5000$ & $\square \%$ & 3 years \\ \hline \end{tabular}
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Solution

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Solution Steps

Step 1: Identify the missing variable, which is the annual interest rate (r).
Step 2: Rearrange the formula to solve for \(r\), resulting in \(r = \frac{I}{Pt}\).
Step 3: Substitute the values into the formula to calculate \(r\).

Final Answer: The annual interest rate (r) is \(r = \frac{1350}{5000 \cdot 3} = 0.09\).

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