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astraxan [27]
3 years ago
15

You put $5000 in an account. The account earns $2250 simple interest in 10 years. What is the annual interest rate?

Mathematics
2 answers:
N76 [4]3 years ago
6 0

Answer:

4.5%.

Step-by-step explanation:

We have been given that you put $5000 in an account. The account earns $2250 simple interest in 10 years.

To find the annual interest rate we will use simple interest formula.

I=Prt, where,

I = Amount of interest after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

Upon substituting our given values in simple interest formula we will get,

2250=5000r*10)

2250=50000r

Let us divide both sides of our equation by 50000.

\frac{2250}{50000}=\frac{50000r}{50000}

0.045=r

Let us multiply our rate by 100 to get our annual interest rate as percentage.

0.045\times 100=4.5\%

Therefore, the annual interest rate is 4.5%.

algol [13]3 years ago
5 0
You use the equation A=P(1+rt) and sub in the numbers.
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