If the simple interest on $4000 for 8 years is $2240, then what is the interest rate?

1 answer:

5 0

$~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$2240\\ P=\textit{original amount deposited}\dotfill & \$4000\\ r=rate\to r\%\to \frac{r}{100}\\ t=years\dotfill &8 \end{cases} \\\\\\ 2240 = (4000)(\frac{r}{100})(8) \implies 2240=\cfrac{32000r}{100}\implies 2240=320r \\\\\\ \cfrac{2240}{320}=r\implies 7=r$

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