Question

I = Prt

Answer 1

Answer:

$r=3.5\%$

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

$t=5\ years\\ P=\ 1,200\\ I=\ 210\\r=?$

substitute in the formula above

$210=1,200(5r)$

solve for r

$r=210/6,000$

$r=0.035$

convert to percentage (multiply by 100)

$r=3.5\%$