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1 vote
Can someone please help me

Can someone please help me-example-1
User Vibin Jith
by
7.1k points

2 Answers

6 votes
0.17*500*2=170
$170 is the annual interest rate.
User Hudsonb
by
8.3k points
5 votes
Equation:

r = ((1)/(t))((P+I)/(P) - 1)
Calculation:

r = (1)/(2)((517)/(500) - 1) = 0.017

Solution: the annual simple interest rate is 1.7% per year.
User Giuseppe Garassino
by
7.7k points

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