We would need to use the simple interest formula given by:
I = Prn
In this case, I = $402.50
P = $2300
N = 2 years
Sub these values into the equation,
402.50 = 2300 x r x 2
402.50 = 4600r
Divide both sides by 4600 to get r,
r = 0.0875
Multiply 0.0875 by 100 to get the percentage rate,
0.0875 x 100 = 8.75%
Hope this helped!
