Answer:
0.6845% per week.
Step-by-step explanation:
Simple Interest Calculation A = P(1 + rt)
Solving our equation:
r = (1/730.5)((15000/2500) - 1) = 0.00684463
r = 0.00684463
Converting r decimal to R a percentage
R = 0.00684463 * 100 = 0.6845%/week
Calculating the annual rate
0.6845%/week × 52 weeks/year = 35.594%/year.
The interest rate required to get a total amount, principal plus interest, of $15,000.00 from simple interest on a principal of $2,500.00 over 14.05 years (730.5 weeks) is 0.6845% per week.
