To find the rate % on $3,200 for 6 years that will attract simple interest (SI) of $400, we can follow these steps:
1. Calculate the total amount after 6 years with simple interest:
Total Amount = Principal + Simple Interest
Total Amount = $3,200 + $400
Total Amount = $3,600
2. Calculate the simple interest rate:
Simple Interest = Principal x Rate x Time
$400 = $3,200 x Rate x 6
Rate = $400 / ($3,200 x 6)
Rate = $400 / $19,200
Rate = 0.0208 or 2.08%
Therefore, the rate % on $3,200 for 6 years that will attract a simple interest of $400 is 2.08%.
