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Find the annual simple interest rate. I=$17, P=$500, t=2 years
asked
Nov 9, 2018
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Find the annual simple interest rate. I=$17, P=$500, t=2 years
Mathematics
middle-school
Yaroslav Stavnichiy
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Yaroslav Stavnichiy
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r=I/Pt is the formula for simple interest rate, so plug in the number given to solve for r :)
Work:
r=17/(500*2)
r=17/1000
r=0.017
To change to a percentage, move the decimal point in 2 times.
Final Answer:
0.017
OR
1.7%
Robin Kuzmin
answered
Nov 11, 2018
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Robin Kuzmin
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500 * i * 2 = 17
1000i = 17
i = 17/1000
i = 0.017
0.017 = 1.7%
answer: annual simple interest rate is 1.7%
Steve Jiang
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Nov 16, 2018
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Steve Jiang
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