Given that i=$700,p=$3,500 and t=4yrs. Find the rate
You must be talking about the simple interest formua
I = PRT
700 = 3500(r)(4)
r = 700/(14000)
= ...
I = PRT
700 = 3,500 * R * 4
700 = 14,000R
700/14,000 = R
0.05 = 5% = Rate
To find the rate (r), we can use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
Given:
Principal (P) = $3,500
Time (T) = 4 years
Simple Interest (I) = $700
Using the formula, we can rearrange it to solve for the rate (r):
r = (I * 100) / (P * T)
Substituting the given values:
r = (700 * 100) / (3,500 * 4)
r = 70,000 / 14,000
r = 5
Therefore, the rate is 5%.