Is this correct and if not which one is right
2 answers:
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Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
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
substitute in the formula above
solve for r
convert to percentage (multiply by 100)