An account earns simple interest. Find the annual interest rate. I= $30 P= $250 t= 3 years

Question

An account earns simple interest. Find the annual interest rate.

I= $30

P= $250

t= 3 years

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Valentina 5 hours 2021-09-15T20:04:45+00:00 1 Answer 0

Answers ( )

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    2021-09-15T20:06:16+00:00

    Answer:

    4% = r

    Step-by-step explanation:

    I = PRT

    where I is the interest, P is the principle  R is the rate, T is the time

    30 = 250 *r* 3

    30 = 750r

    Divide each side by 750

    30/750 = 750r/750

    .04 = r

    Changing to percent form

    4% = r

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