3 years ago

After 7 years, an initial investment of $600 earned $84. Find the interest rate

Mathematics

1 answer:

Salsk061 [2.6K]3 years ago

8 0

Answer:

Step-by-step explanation:

Solving our equation

r = 84 / ( 600 × 7 ) = 0.02

r = 0.02

converting r decimal to a percentage

R = 0.02 * 100 = 2%/year

The interest rate required to

accumulate simple interest of $ 84.00

from a principal of $ 600.00

over 7 years is 2% per year.

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