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nydimaria [60]
2 years ago
15

Taylor opened a savings account with $425. After 2 years, the total interest earned was $10.20. What was the annual interest rat

e?
Mathematics
1 answer:
storchak [24]2 years ago
6 0

Answer:

R = 1.2%

Step-by-step explanation:

<u>Given the following data;</u>

Principal = 425

Time = 2

Simple interest = 10.20

To find the annual interest rate;

Mathematically, simple interest is calculated using this formula;

S.I = \frac {PRT}{100}

Where;

  • S.I is simple interest.
  • P is the principal.
  • R is the interest rate.
  • T is the time.

Substituting into the equation, we have;

10.20 = \frac {425*R*2}{100}

10.20 = \frac {850R}{100}

Cross-multiplying, we have;

1020 = 850R

R = \frac {1020}{850}

<em>R = 1.2%</em>

<em>Therefore, the annual interest rate is 1.2 percent. </em>

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