Algebra

If the principal P = $600, the interest I = $210, and time t = 5 years, find the following.
(a) What is the rate

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  1. P = Po + I = 600.
    Po + 210 = 600
    Po = 600 - 210 = $390.

    I = Po*r*t = $210.
    390*r*5 = 210
    1950r = 210
    r = 0.1077 = 10.8 %.

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