A man earns $112 interest in one year on an investment of $1,400. What was his rate of interest?
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A man earns $112 interest in one year on an investment of $1,400. What was his rate of interest?
A man earns $112 interest in one year on an investment of $1,400. What was his rate of interest?
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Verified answer
Answer:
8%
Step-by-step explanation:
I=PR
112=1400(R)
R=112/1400
R=0.08 or 8%
Answer:
8%
Step-by-step explanation:
I = Pni
where:
I = interest
P = principal
n = year
i = interest rate
i = I/(Pn) = 112/(1400x1)
i = 0.08 or 8%