SOLUTION: Suppose you invested $1200 for four years. You earned $312 in simple interest. What is the interest rate? Thank you for your time!

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Question 379259: Suppose you invested $1200 for four years. You earned $312 in simple interest. What is the interest rate?
Thank you for your time!
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Pr
r=I/P
r=(312/4)/1200
r=78/1200
r=0.065=6.5%