Question
Jennifer earned $249.60 in 6 1/2 years on a $640 investment. What was the simple interest rate?
Answers
Ms. Sue
I = PRT
249.6 = 640 * R * 6.5
249.6 = 4,160R
0.06 = 6% = R
249.6 = 640 * R * 6.5
249.6 = 4,160R
0.06 = 6% = R