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MrMuchimi
3 years ago
8

Ron estimates that it will cost $400,000 to send his daughter to a private college in

Mathematics
1 answer:
faust18 [17]3 years ago
7 0

Answer: simple interest rate is 19%

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the amount invested.

P represents the principal or amount invested.

R represents interest rate

T represents the duration of the investment in years.

From the information given,

P = 90000

I = 400000 - 90000 = $310000

T = 18 years

Therefore,

310000 = (90000 × R × 18)/100

310000 = 16200R

R = 310000/16200

R = 19%

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