Principal of $1700 is invested at 8.2% simple interest, paid annually, for 7 years.
What is the rate of return

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Mathematics

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Principal of $1700 is invested at 8.2% simple interest, paid annually, for 7 years.
What is the rate of return

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Edmundid Edmundid · Answer 1

Edmundid Edmundid

[tex]I=PRT[/tex]

[tex]I=1700(0.082)(7)[/tex]

[tex]I=975.80[/tex]

[tex]Return=Interest+Principal[/tex]

[tex]Return=1700+975.80[/tex]

[tex]Return=2675.80[/tex]

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