Final answer:
To find the interest rate, divide the interest earned by the principal multiplied by the time. In this case, the interest rate is approximately 2%.
Step-by-step explanation:
To find the interest rate, we can use the formula for simple interest: Interest = Principal x Rate x Time.
Given that the initial investment is $600 and it earned $84 after 7 years, we can set up the equation as follows:
84 = 600 x Rate x 7
To isolate the rate, divide both sides of the equation by (600 x 7):
Rate = 84 / (600 x 7)
Simplifying, we find that Rate is approximately 0.02 or 2%.