What simple interest rate would allow $6000 to grow to an amount of $14550 in 10 years?

Step-by-step explanation:

Given,

Principal ( P ) = $ 6000

Amount ( A ) = $ 14550

Time ( T ) = 10 years

Rate ( R ) = ?

Finding the Interest

The sum of principal and interest is called an amount.

From the definition,

plug the values

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Swap the sides of the equation

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Move 6000 to right hand side and change its sign

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Subtract 6000 from 14550

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Interest = $ 8550

Finding the rate

plug the values

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Calculate

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