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.
