Mike earned $67.00 in simple interest on an investment of $2800 after 9 months. What is the interest rate?
1 answer:
Answer:
0.2659%
Step-by-step explanation:
r = (1/t)(A/P - 1)
r = (1/9)((2867/2800) - 1) = 0.00265873
r = 0.00265873
R = 0.00265873 * 100 = 0.2659%/month
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