Answer:
R = 10%/year
Equation:
r = (1/t)(A/P - 1)
Solving our equation:
r = (1/10)((1200/600) - 1) = 0.1
r = 0.1
Converting r decimal to R a percentage
R = 0.1 * 100 = 10%/year
The interest rate required to get a total amount, principal plus interest, of $1,200.00 from simple interest on a principal of $600.00 over 10 years is 10% per year.
Step-by-step explanation:
so he has 600 $ saving then if he has 1,200 total in the bank
