Question

Score: 0 of 1 pt X 10.2.19 Use the simple interest formula to determine the missing value. p = $1775, r= ?,t = 2 years, i = $
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Answer #1

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


Calculation:
Solving our equation:
r = (1/2)((1824.7/1775) - 1) = 0.014
r = 0.014

Converting r decimal to R a percentage
R = 0.014 * 100 = 1.4%/year

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