Question

Victor calculates the percentage interest rate he needs to make twenty dollars in simple annual interest over 2 months on a deposit of one thousand dollars. Where did he go wrong?

Answer 1

Victor calculates the percentage interest rate he needs to make twenty dollars in simple annual interest over 2 months on a deposit of one thousand dollars. Where did he go wrong?
I equals p times r times t; twenty equals one thousand times r times two; r equals zero point zero one; r equals one percent
He applied the principal and interest to the wrong variables