venturaflores61
venturaflores61 venturaflores61
  • 25-02-2021
  • Mathematics
contestada

If the simple interest on ​$2000 for 10 years is ​$1200​, then what is the interest​ rate?

Respuesta :

Naseeem88
Naseeem88 Naseeem88
  • 25-02-2021

Answer:

6%

Step-by-step explanation:

Solving our equation

r = 1200 / ( 2000 × 10 ) = 0.06

r = 0.06

converting r decimal to a percentage

R = 0.06 * 100 = 6%/year

The interest rate required to

accumulate simple interest of $ 1,200.00

from a principal of $ 2,000.00

over 10 years is 6% per year.

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