In calculating the simple interest earned by an investment, the equation P = P0 + P0rt is used, where P is the value after an initial principal P0 is invested for t years at interest rate r. Solve for r, and then evaluate r for P = $7625, P0 = $6250, and t = 4.000 years. Write a paragraph or two explaining (a) your method for solving for r, and (b) the calculator steps used to evaluate r, noting the use of parentheses.
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