Explanation
The simple interest is given by the formula below;
[tex]S.I=\frac{PRT}{100}[/tex]Where
[tex]\begin{gathered} P=4800\text{ dollars} \\ R=? \\ I=63.12\text{ dollars} \\ T=60days=\frac{60}{365}years \end{gathered}[/tex]Therefore, we will have;
[tex]\begin{gathered} 63.12=\frac{4800\times r\times60}{100\times365} \\ switch\text{ sides} \\ \frac{4800r\times \:60}{100\times \:365}=63.12 \\ 4800r\times\:60=63.12\times100\times365 \\ 288000r=2303880 \\ r=\frac{2303880}{288000}\approx8.0 \end{gathered}[/tex]Answer: 8.0 percent
