SOLUTION: How to calculate the rate percent per annum if $5760 interest is paid when $12800 is invested for 6 years.

SOLUTION: How to calculate the rate percent per annum if $5760 interest is paid when $12800 is invested for 6 years.

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Question 1147391: How to calculate the rate percent per annum if $5760 interest is paid when $12800 is invested for 6 years.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
With simple interest, I=prt
so 5760=12800*rate*6
so 5760/(12800*6)=rate
rate=0.075 or 7.5%
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