Given,
Simple interest,
[tex]SI=1400[/tex]Principal,
[tex]P=2000[/tex]Time,
[tex]t=10\text{ years}[/tex]Calculate the interest rate.
[tex]\begin{gathered} SI=\frac{P\times R\times t}{100} \\ 1400=\frac{2000\times R\times10}{100} \\ 14=2R \end{gathered}[/tex]Thus, the rate of interest is
[tex]\begin{gathered} 2R=14 \\ R=7 \end{gathered}[/tex]Therefore, the rate of interest is R = 7%.
