The simple interest on #8550 for 3 years at x% per annum is #4890. Calculate the value of x to the nearest whole number.
The correct answer is A. 19%
The formula for calculating simple interest is \(I = Prt\), where \(I\) is the interest, \(P\) is the principal, \(r\) is the interest rate per annum, and \(t\) is the time in years. In this case, we have \(I = \$4890\), \(P = \$8550\), and \(t = 3\). Substituting these values into the formula, we get:
\(\$4890 = \$8550 \times r \times 3\)
Solving for \(r\), we get:
\(r = \frac{\$4890}{\$8550 \times 3} \approx 0.19047619047619047\)
Multiplying by 100 to convert to a percentage, we get:
\(r \approx 19\%\)
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