The formula for simple interest is I = Prt. If I = 240, P = 2000, and t = 2, what is r?
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Correct answer to question 141 (Mathematics Knowledge): 0.06
Method
Divide both sides by Pt to isolate r: r = I / (Pt) = 240 / 4000 = 0.06.
Updated: November 2026
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