Answer:
The correct answer is "9.3%".
Step-by-step explanation:
The given values are:
Amount of interest,
= $590
Principle,
= $8,000
Time:
= 285
Let the interest rate will be "x".
Now,
⇒ [tex]Amount \ of \ interest=Principle\times Interest \ rate\times \frac{time}{No. \ of \ days \ in \ year}[/tex]
On substituting the values, we get
⇒ [tex]590=8000\times x\times \frac{285}{360}[/tex]
⇒ [tex]590=6333.33\times x[/tex]
⇒ [tex]x=\frac{590}{6333.33}[/tex]
⇒ [tex]=9.3157 \ percent[/tex]
or,
⇒ [tex]=9.3[/tex]%
