Mathematics, 29.05.2021 09:40 jesus3426

If money is invested for a short period of time, simple interest is paid using the following formula. I = Prt P represents the money invested, or principal amount, r is the simple interest rate, and t represents the time, in years, the money is invested. Given P = $500, t = 2 years, and I = $40, what is the simple interest rate?

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