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Please see below. I have myself so confused on this formula. Can you provide the correct formula so I can solve.
Please see below. I have myself so confused on this formula. Can you provide the correct formula so I can solve.
The simple interest formula is given by I = PRT, where I =interest earned, P=principal deposited to the account, R=interest rate in decimal form, and T=time in years that the principal remains in the account.
Solve the formuala for R
Use the new version of the formula to find R, the rate of simple interest, given that a deposit of $10,000 earned $5,200 on simple interest when left in an account for 8 years. Write R as a percent.
