The graph below represents the amount of simple interest (I), in dollars, earned on an investment of P dollars over one year. The interest rate is r.
Interest Earned over One Year
Simple Interest ($)
→P
200 400 600
Investment ($)
An investment of $600 at a different interest rate (g) will earn $24 in simple interest over one
year. Which statement about interest rates r and q is true?
1. Interest rate r is 2% greater than interest rate .
2. Interest rate ris 8% less than interest rate q.
3. Interest rate is 12% less than interest rate r.
4. Interest rate 9 is the same as interest rater.