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enot [183]
3 years ago
12

Andreas invested $1000 in a savings account. After 4 years, the account had earned a total of $112 simple interest without any a

dditional deposits. What was his interest rate?
Mathematics
1 answer:
Westkost [7]3 years ago
8 0
The formula to figure out Simple Interest is: I = PRT. Since this question is asking you to find the interest rate, you just have to rearrange the equation to make R the subject.

> R = I/PT
>> R = 112/1000 x 4 = 0.028 x 100 (find percentage) = 2.8%
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