double the rate

The amount of money in an account after simple interest has been earned is given by the formula:

A = Principal + Interest Earned or A = P + P* R * T

Choose your principal and time and solve for the rate.

The given values are

P = $1000

T = 2

A = $1080

Now apply the vlues on the formula R to find the value of it,

=> R = ([1080/1000]-1/2

=> R = (1.08 -1)/2

=> R = 0.08/2

=> R = 0.04