Answer:
[tex]8\%[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final Investment 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=4\ years\\ P=\$250\\ A=\$330\\r=?[/tex]
substitute in the formula above and solve for r
[tex]330=250(1+4r)[/tex]
[tex][330/250]-1=4r[/tex]
[tex]0.32=4r[/tex]
[tex]r=0.32/4=0.08[/tex]
convert to percentage
[tex]0.08*100=8\%[/tex]
