Question
Asked Oct 10, 2019
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Determine the simple interest rate at which $1200 will grow to $1276 in 8 months. (Round your answer to two decimal places.)

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Expert Answer

Step 1

Given: -

Principal, P $1200
Time, T
8 months
Amount after 8 months = $1276
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Principal, P $1200 Time, T 8 months Amount after 8 months = $1276

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Step 2

To find: -

Rate of interest
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Rate of interest

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Step 3

Formula use...

PXRXT
Simple interest
100
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PXRXT Simple interest 100

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