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I= 40$ P=500$ t=16 months?
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I= 40$ P=500$ t=16 months?

I= 40$ P=500$ t=16 months?-example-1
User Nate I
by
7.3k points

1 Answer

9 votes

Answer:

Explanation:

You should have specified that this is simple interest.

I=P(r/12)t

r=(12I)/(Pt)

r=(12(40))/(500(16))

r=0.06

r=6%

User Sandeep Poonia
by
7.4k points
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