Answer:
Step-by-step explanation:
Solving our equation
r = 580 / ( 1432 × 6 ) = 0.06750466
r = 0.06750466
converting r decimal to a percentage
R = 0.06750466 * 100 = 6.7505%/year
The interest rate required to
accumulate simple interest of $ 580.00
from a principal of $ 1,432.00
over 6 years is 6.7505% per year.
