Question

Edward invested $1600 in a savings account for 8 years. At the end of 8 years, his savings account had $1920 in it. If $1600 represents P, the principal amount, which percent represents the annual simple interest rate (r) that Edward earned after the 8 year (t) period?

Answer 1

P=$1600 + 320 (r) x 8 yr (t) (im probably wrong :P)