If $1600 earned simple interest of $56.24 in 2 months, what was the simple interest rate? the simple interest rate is % (do not round until the final answer. then round to the nearest tenth as needed.)

The interest rate is of 21.09% a year.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly) and t is the time.

So, for our problem, we have:

If $1600 earned simple interest of $56.24 in 2 months, so:

.

The interest value is a yearly value, however the time is given in months. This means that we have to divide the time by 12(that is the number of months in a year). So

Solution:

The interest rate is of 21.09% a year.

168

step-by-step explanation:

i am pretty sure that the answer is 168