Question

If the simple interest on ​$1000 for 2 years is ​$​100, then what is the interest​ rate?

Answer 1

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Answer 2

Answer:

R = 450%/year

Equation:

r = (1/t)(A/P - 1)

Converting r decimal to R a percentage

R = 4.5 * 100 = 450%/year