Saccoro invested $3800 for 3 1/2 years. She earned $983.25 in simple interest. What was the annual interest rate, to the nearest hundredth of a percent ?
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I know that the formula for this would be I = P R T . But I forgot what numbers go where
Do you have the simple interest formula on hand?
I is your interest. P is your principal (the amount you start out with). R is your rate (rate at which you gather interest, which is in decimal form), and T is for time.