Answer:
Explanation:
To find the interest rate on an investment of $470 for seven years with an ending balance of $683.85, you can use the formula for simple interest:
I = P * r * t
Where I is the interest earned, P is the principal amount ($470), r is the interest rate, and t is the number of years (7).
Rearranging the formula to solve for r:
r = I / (P * t)
Substituting the given values:
r = (683.85 - 470) / (470 * 7)
r = 213.85 / 3290
r = 0.0649 or 6.49%
So, the interest rate on the investment of $470 for seven years with an ending balance of $683.85 is 6.49%.