A deposite of 800 was made into a savings account and has grown to 1000 in 3 years the growth in value was via simple interest calculate on the basis of the initial deposite calculate the rate of interest

Answer: the interest rate is 8.3%

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the amount of money deposited.

P represents the principal or amount of money deposited.

R represents interest rate

T represents the duration in years.

From the information given,

P = 800

R = 1000 - 800 = $200

T = 3 years

Therefore,

200 = (800 * R * 3) / 100

200 = 24R

R = 200/24

R = 8.3%