SOLUTION: $700 simple interest was earned over 4 years on an investment of $2500. What was the annual rate?
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Question 40342: $700 simple interest was earned over 4 years on an investment of $2500. What was the annual rate?
Answer by Nate(3500) (Show Source): You can put this solution on YOUR website!
I = PRT
700 = 2500*R*4
7/100 = 0.07 = R
The rate was 7%
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