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OpenStudy (anonymous):
Find the missing value: Principal $14,200; Rate x; Time 7 years; Simple Interest $19,880 I have to find the rate and the answer I got was 0.2 but that's none of the options given. Please help!
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OpenStudy (texaschic101):
I = PRT but since your looking for rate, change it to I/PT = R I/PT = R 19880/(14,200* 7) = R 19880 / 99400 = R 0.2 = R correct, except you did not finish. The rate has to be in a percent. So 0.2 turned to a percent is 20%. Your answer is 20%
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