Interest rate

Question

If the simple interest on 2000 dollars over 9 years is 1620 Dollars, what is the interest rare

Answer 1

2000t⁹ = 1620

2000/1620 = t⁹

(2000/1620)^1/9 = t

 

I don't have a calulator to get you the actual answer. Remember to move the decimal two to the right for the percentage.