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valina [46]
3 years ago
12

benson purchased a 1,800 certificate of deposit that earns simple annual interest. At the end of 1 year the certificate was wort

h 1,857.60 what is the annual interest rate on this certificate of deposit
Mathematics
1 answer:
serious [3.7K]3 years ago
6 0

Answer:

3.2%

Step-by-step explanation:

-Let r be the simple interest rate per annum.

-Given the total amount after 1 year is 1857.60, the initial amount is 1800

#We use the simple interest formula to find the rate of interest:

Interest=Final\ Amount-Initial\ Amount\\\\=1857.60-1800\\\\=57.60\\\\I=Prt\\\\57.60=1800\times r\times 1\\\\r=\frac{57.60}{1800}\\\\=0.032\\\\=3.2\%

Hence, the annual interest rate on the deposit is 3.2%

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Step-by-step explanation:

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Find the range, median, and mode of the following dot plot.
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Step-by-step explanation:

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2 years ago
Please help....There are 42 boys and girls participating in an essay-writing competition. Of the competitors, 21 are in seventh
almond37 [142]
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7 0
3 years ago
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a box contains red markers, blue markers, and green markers there are more blue markers than red markers. the probability of ran
Natali [406]

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Step-by-step explanation:

6 0
3 years ago
A man bought a house for 3600 Naira he repairs the house with 150 Naira if he sold the house for 4950 Naira . Find his percentag
kozerog [31]

Step-by-step explanation:

profit%=

\frac{selling \: price - cost \: price}{cost \: price}  \times 100\%

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=36%

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