Answer:R = 9.1667%/year
Step-by-step explanation:
Solving our equation
r = 330 / (3600 × 1) = 0.09166667
r = 0.09166667
converting r decimal to a percentage
R = 0.09166667 × 100 = 9.1667%/year
The interest rate required to
accumulate simple interest of $330.00
from a principal of $3,600.00
over 1 years is 9.1667% per year.
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