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What annual simple interest rate will increase Johnson Alexander's initial investment of $10,000 to $12,000 in five years? (Hint: Use the formula I = prt and substitute known values to find I.) A. 5% B.
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What annual simple interest rate will increase Johnson Alexander's initial investment of $10,000 to $12,000 in five years? (Hint: Use the formula I = prt and substitute known values to find I.)

A. 5%
B. 3%
C. 3.5%
D. 4%

User Florian Castellane
by
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1 Answer

1 vote
I = prt
2000 = 10,000 * r * 5
2000 = 50,000 * r
divide both sides by 50,000
.04 = r
The rate is 4%
LETTER D

User Achraf JEDAY
by
8.6k points
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