Simple interest

Peter put into bank 853 euros deposit. After 7 years on account overall was 984 euro.

What was the interest rate if bank add simple interest?

Correct result:

p =  2.2 %

Solution:

u=984−853=131 Eur u1=u/7=131/7=1317≐18.7143 Eur  p=100⋅ u1853=100⋅ 18.7143853=2.2%

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