Answer:
8%
Step-by-step explanation:
Solving our equation
r = 2800 / ( 7000 × 5 ) = 0.08
r = 0.08
converting r decimal to a percentage
R = 0.08 * 100 = 8%/year
The interest rate required to
accumulate simple interest of $ 2,800.00
from a principal of $ 7,000.00
over 5 years is 8% per year.
