3 years ago

I = $16 P = $200 T = 2 years

1 answer:

4 0

Next time, please include the instructions with your post.

The formula for simple interest is i = p*r*t, where r is the annual interest rate expressed as a decimal fraction.

Here, $16 = $200*r*2, with r being the unknown.

Solving for r: r = $16 / $400 = 0.04 (answer)

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