Answer:
19%
Step-by-step explanation:
R = 19%/year
Equation:
r = (1/t)(A/P - 1)
r = (1/2)((5520/4000) - 1) = 0.19
r = 0.19
Converting r decimal to R a percentage
R = 0.19 * 100 = 19%/year
The interest rate required to get a total amount, principal plus interest, of $5,520.00 from simple interest on a principal of $4,000.00 over 2 years is 19% per year.
Answer:
[tex] i = prt[/tex]
Step-by-step explanation:
use this formula.
