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Use the formula for simple interest, I = Prt, to find the indicated quantity. Assume a 360 day year. I = $72; P = $1600;

Use the formula for simple interest, I = Prt, to find the indicated quantity. Assume a 360 day year. I = $72; P = $1600; t = 270 days, r= ? =% (Simplify your answer.)

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