Jason invested $13700 for 2 years and received $1096.00 in interest. At what rate did he invest if the interest was calculated using the simple interest formula?

Question

Use the formula

Answer 1

I = PRT

1096 = 13,700 * R * 2

1096 = 27,400R

1096 / 27,400 = 0.04 = 4%