Lenox ironed 1/4 of the shirts over the weekend. She plans to split the remainder of the work equally over the next 5 evenings.
2 answers:
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The annual interest rate is 6.2%.
Solution:
Given data:
Interest = $310
Principle = $1000
Time = 5 years
To find the annual interest rate:
<u>Simple Interest formula:</u>
Substitute the given values in the formula, we get
Do cross multiplication.
Divide both sides of the equation by 1000, we get
Divide by 5 on both sides of the equation, we get
R = 6.2%
Hence the annual interest rate is 6.2%.
