SOLUTION: THe principle 'P' and the future value 'A' are given at time 't'. Find the simple interest rate 'r' P= $3000 A= $3180 t= 1 year thanks!

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Question 223985: THe principle 'P' and the future value 'A' are given at time 't'. Find the simple interest rate 'r'
P= $3000
A= $3180
t= 1 year
thanks!
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=P(1+r)
A/P=1+r
3180/3000=1+r
1.06=1+r
r=.06=6%