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skad [1K]
3 years ago
12

Dan deposited $700 in a savings account. At the end of 3 year, he had earned $115.50 in simple interest. What interest rate did

he receive? Question 1 options:
Mathematics
1 answer:
Svetradugi [14.3K]3 years ago
8 0

Answer:

5.5%

Step-by-step explanation:

The formula for Simple Interest = PRT

Where

Simple Interest = $115.50

P = Principal = $700

R = Interest rate = ??

T = Time in years = 3 years

$115.50 = $700 × R × 3

R = $115.50/$700 × 3

R = $115.50/$2100

R = 0.055

R = Interest rate = 0.055

We Multiply by 100

= 0.055 × 100

= 5.5%

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3 years ago
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2 years ago
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