SOLUTION: need to know how to figure simple interest if principal ,time, future value is known Example: 500 deposited in savings with simple interest after 6 months account earned 162.50

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Question 283633: need to know how to figure simple interest if principal ,time, future value is known Example: 500 deposited in savings with simple interest after 6 months account earned 162.50 / what is the rate and how it is figured
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
r=I/Pt
r=162.50/500*.5
r=.65=65%