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Nataly_w [17]
4 years ago
10

You deposit $1400 into a savings account that earns simple annual interest. After 12 years, the balance in the account is $2408.

What is the annual interest rate?
Mathematics
1 answer:
brilliants [131]4 years ago
7 0
The formula is
A=p (1+rt)
A future value 2408
P present value 1400
R interest rate?
T time 12 years
Solve the formula for r
R= ((A/p)-1)÷t
R=((2,408÷1,400)−1)÷12
R=0.06×100
R=6%
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