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2 years ago

Mr. lira opened an account with a deposit of $2,000.

Mathematics

1 answer:

NNADVOKAT [17]2 years ago

8 0

Answer:

A) 25%

Step-by-step explanation:

Simple interest rate = $3,500

Principal, p = $2,000

Time, t = 7 years

Rate, r = ?

Simple interest rate = (principal × rate × time) / 100

3,500 = (2,000 × r × 7) / 100

3,500 * 100 = 14,000r

350,000 = 14,000r

r = 350,000/14,000

r = 25%

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