Answer: 8.41 percent
Step-by-step explanation:
Simple Interest= PxRxT/100
Therefore, Rate = (100 × Interest)/(Principal × Time)
From the information given,
Principal is $6500
Time is 6 years
Interest is $3280; the difference between future value and current value
$9780 - $6500 = $3280
Plug in the values into the formula;
Rate = (100 × 3280)/(6500 × 6)
R= 328,000/39,000
R = 8.41
Thus rate is 8.41 percent.
