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The principal P is borrowed and the​ loan's future value A at time t is given. Determine the​ loan's simple interest rate r.   P​ = ​$7000.00​, A​ = ​$9240.00​, t​ = 4 years

The principal P is borrowed and the​ loan's future value A at time t is given. Determine the​ loan's simple interest rate r.   P​ = ​$7000.00​, A​ = ​$9240.00​, t​ = 4 years

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 2E
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The principal P is borrowed and the​ loan's future value A at time t is given. Determine the​ loan's simple interest rate r.
 
P​ = ​$7000.00​,
A​ = ​$9240.00​,
t​ = 4 years
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