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atroni [7]
3 years ago
12

a student has $1500 to deposit in a savings account. what is the lowest rate that would allow the student to earn $95 in simple

interest in a year?
Mathematics
2 answers:
nika2105 [10]3 years ago
8 0

rate = interest / principal

rate = 95/ 1500 = 0.0633333

rate = 6.33%

cluponka [151]3 years ago
5 0

Answer:

6.3%

Step-by-step explanation:

A student has $1,500 to deposit in a savings account.

Interest = Principal × rate of interest

Let the rate of interest be x%

95.00 = 1,500 × (x/100)

95.00 = 15x

x =  \frac{95}{15}

x = 6.33%

The lowest interest rate is 6.3% in a year.

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