Aretired couple invested $8000 in bonds. at the end of one year, they received an interest payment of $504. what was the simple interest rate of the bonds? do not round off a decimal answer.

Hi there! In order to find the simple interest rate of the bonds, we have to divide the received payment by the bonds invested in them. 504/8,000 is 0.063. This number is in decimal form, but let's multiply by 100 to get the percentage of the number. 0.063 * 100 is 6.3. There. The simple interest rate of the bonds is 6.3%.

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