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Alex787 [66]
3 years ago
9

If the simple answer interest on 2,000 for 10 years is 1,600, then what is the interest rate

Mathematics
1 answer:
mario62 [17]3 years ago
8 0

Answer:

8%

Step-by-step explanation:

Solving our equation

r = 1600 / ( 2000 × 10 ) = 0.08

r = 0.08

converting r decimal to a percentage

R = 0.08 * 100 = 8%/year

The interest rate required to

accumulate simple interest of $ 1,600.00

from a principal of $ 2,000.00

over 10 years is 8% per year.

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