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s2008m [1.1K]
3 years ago
11

Fannie has a life insurance policy that will pay her family $24,000 per year if

Mathematics
2 answers:
gregori [183]3 years ago
5 0

Answer:

The rate is 2% per year.

Step-by-step explanation:

<em>It is given that sum to be $1200000.</em>

<em>The interest per year to be received is $24000.</em>

<em>Let the rate of interest be "r".</em>

The amount interest is given by the formula,

(Interest) = (Principle amount)(\frac{Rate}{100})(Time)

24000 = (1200000)(\frac{r}{100})(1)

r = \frac{24000}{12000} = 2

Thus the rate of interest is given by 2% per year.

Julli [10]3 years ago
5 0

Answer:

2%

Step-by-step explanation:

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