Answer:
3.2
Step-by-step explanation:
Formula to find the simple interest rate :
S.I. = [tex]\frac{PRT}{100}[/tex]
Formula to find R (simple interest rate) :
R = [tex]\frac{100*S.I.}{P*T}[/tex]
Since you have I (interest amount), we can use this formula instead :
R = [tex]\frac{I}{PT}[/tex]
R = [tex]\frac{320}{4,000*2}[/tex] = 4%/year or 0.04
Now plug this into the first formula
S.I. = [tex]\frac{4,000*0.04*2}{100}[/tex] = 3.2
i haven't done this in a while so hope this helps !!
