Answer:
Step-by-step explanation:
Expand then collect the like terms
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The rate of interest is 13%.
Step-by-step explanation:
Given,
Principal (P) = $560
Interest (I) = $145.60
Time (T) = 2 years
To find the rate of interest
Formula
If P principal was invested for T years at r% simple interest, the interest will be I =
So,
Putting the values of P, I, T we get,
145.60 =
or, r =
or, r = 13%
Hence,
The rate of interest is 13%.