11 over 8 as decimal
2 answers:
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Answer:
At a rate of 5%.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this question:
Payment plan for $1500 means that
$450 interest after 6 years means that
We have to find the rate I. So
At a rate of 5%.
