supermjh13 supermjh13
  • 03-05-2020
  • Mathematics
contestada

What is the interest rate if a principal of $700 earns $196.00 in interest in seven years?

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qop
qop qop
  • 03-05-2020

Answer:

4%

Step-by-step explanation:

To solve this problem we can use a modified version of the simple interest formula which is shown below:

[tex]r=\frac{I}{Pt}[/tex]

P = initial balance

I = interest

t = time

Plug the values into the equation:

[tex]r=\frac{196}{(700)(7)}[/tex]

[tex]r=.04[/tex]

The last step is to convert 0.04 into a percent:

0.04(100) = 4

The interest rate is 4%.

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