Answer:
5.9%.
Step-by-step explanation:
We are asked to find the simple interest rate for an amount of $1900 which earned simple interest of $56.28 in 6 months.
We will use simple interest formula to solve our given problem.
[tex]I=Prt[/tex], where,
[tex]I=\text{Amount of interest}[/tex]
P = Principal amount,
r = Interest rate in decimal form,
t = Time in years.
6 months equals 1/2 (0.5) year.
Substituting given values:
[tex]\$56.28=\$1900\cdot r\cdot 0.5[/tex]
[tex]\$56.28=\$950\cdot r[/tex]
[tex]\frac{\$56.28}{\$950}=\frac{\$950\cdot r}{\$950}[/tex]
[tex]0.059242=r[/tex]
Switch sides:
[tex]r=0.059242[/tex]
Convert in percentage:
[tex]0.059242\times 100\%[/tex]
[tex]5.9242\%\approx 5.9\%[/tex]
Therefore, the simple interest rate is approximately 5.9%.
