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Mathematics, 07.02.2021 22:50 maritzahernandez32

If money is invested for a short period of time, simple interest is paid using the following formula. I = Prt

P is the money invested, or principal amount, r is the simple interest rate, and t is the time, in years, the money is invested.

Given P = $2,000, t = 2 years, and I = $280, what is the simple interest rate?

A. 7%

B. 0.7%

C. 8%

D. 0.07%

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Answers: 2

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