SOLUTION: Use the simple interest formula to determine the missing value. p=​$2,500, r=​?, t=88 ​years, i=​$880

Algebra ->  Finance -> SOLUTION: Use the simple interest formula to determine the missing value. p=​$2,500, r=​?, t=88 ​years, i=​$880       Log On


   

Question 1030999: Use the simple interest formula to determine the missing value.
p=​$2,500, r=​?, t=88 ​years, i=​$880
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
Here we can find r by dividing by Pt...so that
r = I/Pt = 880/(2500*88) = .004 = 0.4%