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Answer :
Final answer:
The interest rate is 6%.
Explanation:
To find the interest rate, we can use the formula:
Interest = Principal x Rate x Time
Given that the principal is $7,000, the time is 7 years, and the interest is $2,940, we can rearrange the formula to solve for the rate:
Rate = Interest / (Principal x Time)
Substituting the given values, we get:
Rate = $2,940 / ($7,000 x 7)
Simplifying the expression, we find:
Rate = 0.06 = 6%
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