Answer:
Step-by-step explanation:
using the simple interst formula;
SI = Principal * Rtae * Time/100
Given
Principal = $550
SI = $80
Time = 3 month = 3/12 years
Required
Annual interest rate
Substitute
80 = 550 * R * 3/12*100
80 = 1650R/1200
96000 = 1650R
R = 1650/96000
R = 0.017
Rate = 0.017 * 100 = 1.7%
