SOLUTION: A=P+Prt, for r A=$880, P=800, t=2years

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Question 77317: A=P+Prt, for r A=$880, P=800, t=2years
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
880=800%2B%28800%29r%282%29 plug in A=880, P=800, and t=2
80=%28800%29r%282%29 Subtract 800 from both sides
80%2F800=r%282%29 Divide both sides by 800
%281%2F10%29%2F2=r Divide both sides by 2
r=1%2F20
So the interest rate (in decimal form) is:
0.05
which converts to a percentage by this procedure
0.05*100=5
So the interest rate is 5%