Formula
If it is a simple rate, then the formula is
I = P * r * t
Givens
P = 500
r = ???
t = 2 years
i = 60
Sub and solve
P = p * r * t
60 = 500 * r * 2 Combine the factors.
60 = 1000 * r Divide by 1000
r = 60 / 1000
r = 0.06
Convert this to a percent.
0.06 = x / 100 multiply both sides by 100
0.06 * 100 = x
x = 6%
