Answer:
[tex]r=3.5\%[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=5\ years\\ P=\$1,200\\ I=\$210\\r=?[/tex]
substitute in the formula above
[tex]210=1,200(5r)[/tex]
solve for r
[tex]r=210/6,000[/tex]
[tex]r=0.035[/tex]
convert to percentage (multiply by 100)
[tex]r=3.5\%[/tex]
