Question

If the simple interest on 1,000 for 10 years is 800,then what is the rate?

Answer 1

`\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &800\\ P=\textit{original amount deposited}\to& \$1,000\\ r=rate\\ t=years\to &10 \end{cases}`

solve for "r",

you'll get a decimal amount, just multiply it by 100, to get the percentage figure