Answer
Interest Rate = 32.5%
Explanation
The simple interest earned on an investment, P, invested at a rate or R% over time, T, is given as
Simple Interest = (PRT/100)
For this question,
Simple Interest = $650
P = Amount invested = $1000
R = Rate = ?
T = Time = 2 years
Simple Interest = (PRT/100)
650 = (1000 × R × 2)/100
650 = (2000R/100)
650 = 20R
Divide both sides by 20
(650/20) = (20R/20)
32.5 = R
R = 32.5%
Hope this Helps!!!
