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Marta_Voda [28]
3 years ago
15

Ron and Amie invested $5,000 in an educational savings account for their daughter when she was born. They were unable to ever ad

d anything else to the account. What was the rate of return if they had $10,000 in the account after 12 years?
Business
1 answer:
galina1969 [7]3 years ago
4 0

Answer:

R=8.333%%

Explanation:

Given,Invested amount =   Principal=P=\$ 5000

Return amount =Amount=A=\$ 10000

Rate=R%%

Time=T=12years

Solution,

Simple interest=S.I=P\times R\times T/100

S.I=\$ 10000-\$ 5000

S.I=\$ 5000

5000=P\times R\times T/100

5000=5000\times R\times 12/100

5000\times 100/5000=R\times 12

R=100/12

R=8.333%%

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