Answer:
r ≈ 9.6%
Step-by-step explanation:
Simple Interest Rate Formula: A = P(1 + r)^t
Simply plug in our known variables a, p, and t and solve for r:
8780 = 3500(1 + r)¹⁰
8780/3500 = (1 + r)¹⁰
[tex]\sqrt[10]{\frac{439}{175} }=1+r[/tex]
[tex]r = \sqrt[10]{\frac{439}{175} }-1[/tex]
r = 0.096333
Convert r into %:
9.6%
