sgjabbour0121
sgjabbour0121
21-05-2018
Mathematics
contestada
I = $16 P = $200 T = 2 years
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altavistard
altavistard
28-05-2018
Next time, please include the instructions with your post.
The formula for simple interest is i = p*r*t, where r is the annual interest rate expressed as a decimal fraction.
Here, $16 = $200*r*2, with r being the unknown.
Solving for r: r = $16 / $400 = 0.04 (answer)
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