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siniylev [52]
3 years ago
5

A sum of $46875 was lent out at simple interest and at the end of 1 year 8 months, the total amount was $50000. Find the rate of

interest per year
Business
1 answer:
tino4ka555 [31]3 years ago
5 0

Answer:

4%

Explanation:

Simple interest is calculated using the formula

I = p x r x t

in this case, the interest I is the total amount-principal amount

I = $50,000- $46,875

=$3,125

$3,125 = 46,875 x r x 1 year 8 months

$3,125 =46,875 x r/100 x 1.67

3125=78,281.25 x r/100

$3125 x 100 = 78,281.25 x r

$312500= 78,281.25

r=312500/78,281.25

r=3.992

r=4%

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