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andre [41]
3 years ago
8

You put $500 in an account. The

Mathematics
1 answer:
Maksim231197 [3]3 years ago
6 0

Answer:

2.2% per year

Step-by-step explanation:

<u>Problem:</u>

You deposit $500 into a bank account and received $55 simple interest after 5 years. What had been the interest rate?

<u>Result:</u>

The interest rate was 2.2% per year.

Explanation:

Find interest rate by using the formula I = P*i*t , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.  In this example I = $55, P = $500 and t = 5 years, so

i = 55/500*5

i=0.022 = 2.2% per year

Hope it helps XD

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