Answer:
5%
Step-by-step explanation:
r = R/100 = 5%/100 = 0.05 per year,
then, solving our equation
I = 7000 × 0.05 × 6 = 2100
I = $ 2,100.00
The simple interest accumulated
on a principal of $ 7,000.00
at a rate of 5% per year
for 6 years is $ 2,100.00.
