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True [87]
3 years ago
15

I invested $1585 for 5 years and earned $475.50 in interest. What was the interest rate?

Mathematics
1 answer:
rjkz [21]3 years ago
8 0

Answer:

 6%

Step-by-step explanation:

Given data

Principal= $1585

Time = 5 years

Interest =  $475.50

Rate =???

The expression for the interest is given as

SI=PRT/100

substitute

475.50=1585*R*5/100

Cross multiply

475.50*100= 7925R

47550=7925R

R= 47550/7925

R= 6%

Hence the rate is  6%

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