At what rate was an investment made that obtains $125.37 on $597 over three years?
1 answer:
I use simple annual interest to solve the problem
<span>$125.37 -------------------------------- 3 years
X-------------------------------------------> 1 year
X=125.37/3=</span>$41.79/ year
<span>$597--------------------->100%
</span>$41.79---------------------X%
X=41.79*100/597=7%
The rate was 7%
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