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irakobra [83]
3 years ago
5

At what rate would you need to invest $12000 and make $2880 after 8 years?

Mathematics
1 answer:
lora16 [44]3 years ago
4 0

Answer:

3\%

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=P(rt)

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=8\ years\\ P=\$12,000\\I=\$2,880\\r=?

substitute in the formula above

2,880=12,000(8r)

Solve for t

2,880=96,000(r)

r=2,880/96,000

r=0.03

Convert to percent form

0.03*100=3\%

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