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Ou put $5000 in an account. The account earns $2250 simple interest in 10 years. What is the annual interest rate? The annual interest rate is %.
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Ou put $5000 in an account. The account earns $2250 simple interest in 10 years. What is the annual interest rate?

The annual interest rate is
%.

User RarrRarrRarr
by
8.3k points

1 Answer

5 votes
2250 ÷ 10 years = 225 per year
simply interest does not compound. It is just a set amount every year.

225/2250 = 1/10
10% simple interest per year
User Joshua Carmody
by
9.4k points
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