Answer:
r ≈ 9.6%
Explanation:
Simple Interest Rate Formula: A = P(1 + r)^t
Simply plug in our known variables a, p, and t and solve for r:
8780 = 3500(1 + r)¹⁰
8780/3500 = (1 + r)¹⁰
r = 0.096333
Convert r into %:
9.6%
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