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valina [46]
4 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]4 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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