Kailey and Macy paddle a canoe at a rate of 6 miles per hour in still water. They travel downstream for 10 miles, and to their d
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Answer:
The required rate of interest = 14.285%
Step-by-step explanation:
Here, The principal amount = 7,000
The final paid amount = 9,000
Time = 2 years
Let us assume the rate of interest = R
Now, Simple Interest = Amount - Principal
= 9,000 - 7,000 = 2,000
So, the SI on the given principal for 2 years = 2,000
or, R = 14.285%
Hence, the required rate of interest = 14.285%